What you are about to read may make you reassess your attitude to zero interest balance transfer offers. I will show how these balance transfer offers are pushing more and more people into serious financial difficulties and I will suggest a few ideas on how you can manage your debt better.
Credit card debt is rising at an alarming rate and many people are now getting into serious financial difficulties. One of the reasons is the promotion of no interest balance transfer offers and interest free initial periods.
Like most people, I’ve been tempted by the these offers to change my credit cards. I’ve taken them up on their offer and moved my credit card debt and, for a limited time, had no interest to pay. But “just in case of an emergency” I usually hang onto my old card.
Then something happens, an unexpected bill, or a wedding or birthday gift I’ve forgotten about. “Never mind” I tell myself “I can put it on the old card – there’s plenty of credit on there so it’s no problem.”
A few months and a few unexpected bills later the interest free period runs out I have to pay interest...
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