Is It Time To Move To A Zero Per Cent Balance Transfer Credit Card?
News from Money High Street:

Published: 16 January 2012 By Peter Thompson
Updated: 16 January 2012

As many look to consolidate debts, there’s the opportunity to save hundreds of pounds by moving to the best zero per cent credit card deal.

With Christmas and other debts proving impossible to clear for some, spreading the repayment costs over a period of time using a new zero per cent balance transfer credit card is attractive and can save hundreds of pounds in interest.

For example, by moving an existing £3,000 debt to the market leading 24 month balance transfer card from Barclaycard and repaying £125 per month over the interest free period, a huge £702 can be saved in interest compared to sticking to an existing card with a market average rate of 18.41 per cent APR and paying the same £125 a month.

As Tim Moss, head of loans and debt at MoneySupermarket.com comments: “Moving onto a zero per cent interest product is a no brainer – it allows you to pay off your existing balance over time without accruing additional interest.

“It is important to think about how you plan to pay off the debt and budget accordingly otherwise you could find yourself still paying off your debts when the promotional offer comes to an end. Also make sure you set up a direct debit for at le…………… continues on Money High Street

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Related News:

Big growth in consumer credit card debt propels overall debt higher, Fed says
News from CreditCards.com:

Big growth in consumer credit card debt propels overall debt higher, Fed says

By Kelly Dilworth

Consumer debt saw its biggest growth in a decade in November, according to new data from the Federal Reserve, as consumers headed into the holidays ready to spend.

CONSUMER CREDIT CARD DEBT JUMPS IN NOVEMBER
Americans’ credit card debt shot up by more than $ 5 billion in November — the third straight monthly increase and the biggest jump in four years. Still, credit card debt is far below record highs set a few years ago. The chart below graphs Americans’ credit card debt totals from their peak of $ 972.2 billion in September 2008 through November 2011, when it rose to $ 798 billion.


The Federal Reserve’s latest G.19 consumer credit report showe…………… continues on CreditCards.com

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