credit score ratings for over 12 years. With an extensive background in the banking, credit scores and financial industry, she now shares the best of her credit score information as a contributor and editor of http://www.creditscoreresource.com ">After Valentine’s Day and other famous winter holidays such as Christmas and New Year’s, your credit card interest payments may be piling up. You can combat this type of post-holiday financial bloat by finding—and using—great balance transfer deals. Balance transfers allow you to move debt from a high-interest rate credit card to a new credit card with a low interest rate. Many credit cards allow new balance transfer customers a 0 percent introductory interest rate, which can really help you save money on high interest payments. But before diving into a seemingly great deal, carefully study these secrets so you can keep more money in your wallet. 1. Run far away from balance transfer deals that use promotional language like “up to.” This type of wording is rarely great for your wallet, credit score, or bank account. If the advertorial offers 0 percent interest rates for “up to” a period of time like 18 months, then read the fine print. In most cases, only a select handful of applicants actually get the promotional rate for the amount of time advertised. If you do not have a perfect credit score you will not be among those who get the advertised promotion. 2. Stay away from balance transfer fees. Nothing will kill a potentially great balance transfer deal faster than fees. Some companies charge flat-rate fees for transferring the balance of one credit card to another; other issuers assess fees ranging from three to five percent of the balance transferred. No matter how the language is worded, you want to stay away from balance transfer fees whenever humanly possible. If you must accept balance transfer fees, then make sure that the rate does not exceed three percent. 3. Accept that a balance transfer option is not necessarily a way to permanently get out of debt. Some people make a career so to speak out of constantly moving credit card balances around, searching for the best deal. If you’re seriously in over your head with credit card and other types of unsecured debt, you probably need to visit a credit counselor or in extreme cases a bankruptcy attorney. Ethel Wilson has been advising clients on how to improve their credit score ratings for over 12 years. With an extensive background in the banking, credit scores and financial industry, she now shares the best of her credit score information as a contributor and editor of http://www.creditscoreresource.com
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