• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Credit Card DebtWhy A Balance Transfer Won’t Cure Those Credit Card Blues
Video Transcript

Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Why A Balance Transfer Won’t Cure Those Credit Card Blues

November 28, 2012 by National Debt Relief

Man with briefcase out of focus with word DebtAre you familiar with 0% interest balance transfer cards? Many of the credit card providers are now offering these cards. The way they work is relatively simple. You just agree to transfer the balances on your other credit cards to the new card and then pay no interest for 6 to 18 months depending on which card you choose. This can be a very tempting offer, especially if you’re struggling with credit card debts and you have high interest credit cards – an APR of 20% or above.

The pros

There are several reasons why a 0% interest balance transfer card might make sense. It’s a way to get out from under high interest credit cards and to stop the harassing phone calls you’re receiving from the card providers or from collection agencies. Second, it provides a kind of recess from having to pay interest so that all of your payments go against your balance, which should help you get it either completely paid off or at least reduce it dramatically before your introductory period expires.

The cons

The biggest downside of the 0% interest balance transfer card is that you will likely have to pay a fee to make the transfer. This will probably be 3% to 4% of the amount you’re transferring. If you were to transfer, say, $15,000 to the new card, the fee would likely be around $450. Before you make the transfer, be sure to do the math so that you’ll actually save money on the deal.

Once your introductory period expires, you will have to start paying interest on the new card. Be sure that the new card has a better interest rate than your current cards. Some of them have interest rates of 18% or higher. You wouldn’t want to choose one of these cards as it would be no improvement over the credit cards you have now.

Why it won’t cure your credit card blues

The really big negative of these cards is that they do nothing to reduce your debts. They are just a way of transferring them from one set of lenders to another. If you owed $15,000 before the transfer, you will still owe $15,000 that you will need to pay back one way or another.

The best way to use a 0% interest balance transfer card

The best way to use one of these cards is to pay off the entire balance before your introductory period of 0% interest ends. This means paying more, maybe a lot more, then just the minimum monthly payments required. Here’s an example of what I mean. If you were to choose a card that gave you 12 months of no interest and you owed $15,000, the best thing you could do would be to pay $1250 a month so that at the end of those 12 months, you would owe nothing.

That way you will have paid no interest at all and you will be free of all credit card debts. Can’t you just imagine how good this would feel?

The one proven way to reduce credit card debt

There is really only one way to reduce credit card debt so that you can become debt free in 24 to 48 months. It’s called debt settlement or debt relief and it’s what we do. We can contact your credit card providers and negotiate settlements that will probably save you thousands of dollars as our debt counselors can get both your balances and interest rates reduced. Call our toll-free number today or fill out the form on this page, and let us explain debt settlement and how we could harness its power to help you.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
 Trusted By Our Clients

"Review"

My agent was very helpful and made me feel like everything was going to be ok and that I was in very good hands. I feel so much relief after talking with him. Im glad to have all my stress and worries of my debt all in one place so I can finally get everything paid and start on a clean slate. Im so glad I called to have my debt resolved. Best decision I've ever made!

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Miranda Gravley
ConsumerAffairs Reviews

Latest Credit Card Debt Posts

  • 4 Debt Management Money Saving Experts To Make Sure You Follow
  • What Is Credit Card Churning And Should I Try It?
  • Help! I Am 5 Years From Retiring With Huge Credit Card Debt!
  • What Is the Best Credit Card Payoff Plan?
  • The Truth About Credit Card Debt In The US
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer