Balance Transfer Tips
Banks offer credit cards because they know the owner of the card will eventually carry a balance and so they then make money on the interest they charge. If you are late with a payment, they will be quick to charge a late payment fee and a no-payment fee. They love when you miss payments, it is music to their ears.
This is the largest money borrowing scheme in the world and can have you paying more money to a bank than you would if you borrowed from the mafia. If you can obtain a new card with zero interest for six months, you can then transfer the balance from one high interest card to the new one. Now you can pay down your debt totally on that balance with no interest rate involved. It is these cards that banks make no money on till that six months is up.
If it is possible for you to keep transferring your balance to other zero interest cards till you pay it off, then you have beat the system of the bank charges. Banks want to you be in debt to them, that is where they make their money and are happy to give you more credit so they can charge more in interest rates.
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