Consumers who are still in the market for balance transfer credit card opportunities that will allow for debt consolidation are among many men and women who over the past months have turned to this particular type of option on their credit card or sought out a card specifically advertising these balance transfer opportunities as a way to help them erase debt. Yet, here in the early parts of August we are seeing relatively stable interest rates in terms of credit card options that consumers may have but the range of averages depending on what source a consumer consults may have different rates on these balance transfer cards which is something that consumers are often advised to pay careful attention to when they are considering this particular type of credit card.
Currently, many rates on these balance transfer cards average around 12% to 16% but this will obviously depend on the consumer’s situation as to what rate they ultimately receive. Many men and women are ultimately drawn into introductory rates that may offer the opportunity to consolidate debts and pay them off without any interest rate charges and it’s this introductory rate that can cause problems as some consumers fail to look at what rate they may receive in the future or simply do not take into account how a higher rate on their card could lead to more costs if a balance is carried on this particular card.
Also, consumers are in a position where they may be required to make a minimum amount of purchases on their card so that the introductory rate that is offered will remain in place and since many of these credit cards are being used by consumers to consolidate and repay debts, this is obviously a basic financial mistake that consumers may fall into. It should be common sense for any consumer no matter where they are in their financial life that one cannot repay debt if they are acquiring debt, so if the consumer looks at a balance transfer card and finds that they must make purchases in order to keep a low interest rate on their card for the entirety of their introductory period, this is obviously not necessarily going to be the best card for their needs.
What officials have been prompting consumers to also explore are debt relief alternatives that do not require debt consolidation as a balance transfer card may simply not be the best option for consumer who is seeking affordability on their overall debt repayment obligations. Again, their have been some consumers who have taken advantage of these cards but this is a personal decision that consumers must make as not every situation will lead to benefits from using a balance transfer card to consolidate and repay what they owe.