Are you caught up in the “Balance Transfer Game” trying to juggle your credit card debt?
Many people that get in over their head in credit card debt and may get caught up in playing the “Balance Transfer Game”. This is transferring the balance of one card onto another (normally a new card offering low introductory interest rates) in an attempt to lower interest rates and/or monthly payments.
This can work effectively only if you are planning to pay off the debt in the next few months. Unfortunately, what usually happens is the low interest ‘introductory rate’ of the card expires before you make any substantial dent in the debt. When the introductory low interest expires and the high-interest rates kick in you are right back where you started from. This may have lowered the minimum monthly payment for a short time, which is really just interest and does not effectively reduce the overall debt load. This does give the cardholder some temporary peace of mind that their payment is lower, however, sooner than later you’re still going to face that huge principle you transferred in the beginning. This is a temporary solution to a permanent problem and not a very good one at that. Basically, you’re just borrowing time (and a lot of money) from someone new who is willing to carry-over your debt so they can collect the profitable interest. Remember, interest is where the credit card companies make their profits. The more you pay, the happier they are!
Looking for debt relief:
Our Debt Elimination plans may be a solution for you. In a nutshell, we can substantially reduce your unsecured debt with a total cost to you of about 60 cents on the dollar. We can also arrange payments that meet your budget instead of what your creditors may be demanding. We can save you thousands of dollars on your debt, not to mention thousands more in interest you would pay over the next several years.
Choose a path that will lead you to FINANCIAL FREEDOM!
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