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Australian Debt Consolidation

How Australians can Use Balance Transfer Credit Cards to Clear Debt

If you’re an Australian who has racked up debts that you are paying high interest on because they have got out of hand, you need to take steps to correct that potentially disastrous financial situation. One popular way of combating this is to use balance transfer credit cards offers to consolidate the debt on to one card that gives you the “breathing space” to pay off the debts without any further interest accruing.

Credit card issuers are still keen to get your business and to have you as a customer for when your credit situation improves, down the track. So they will often pull out all the stops to make it attractive for you to transfer the debt over to their card. Balance Transfer Credit Cards offers might be set at 0% interest for 6 months – that means you can use the credit card to pay off the debt on the other cards/loans – and providing you can clear the new debt inside the next 6 months you won’t pay any interest to the new provider. That can save you a lot of money in interest payments and can be a great solution – but only if you’re disciplined!

The potential downside with balance transfer credit cards is if you are the type of compulsive spender who will use the new credit card to make new purchases. This can incur very high rates of interest and will make it far less likely that you will be able to clear the debt within the balance transfer period, meaning you will also incur a possibly high rate of interest on the initial debt. Sometimes, for example, at the end of the balance transfer period, the interest rate on the original balance transfer amount reverts to the cash advance rate, which might be over 20%. Plus you’re paying interest on any new purchases at the APR.

So, you see – balance transfer credit cards are not the answer to everyone’s problems, even though they are a great help to many people who need to address a debt and are serious about clearing it.

You can search through the best balance transfer credit card offers online via the Australian personal finance sites which allow you to search and sort by balance transfer rates. Compare the best ones and make sure you read all the small print, check about fees and charges, as well as what the rate changes are at the end of the balance transfer period. Remember that “honeymoon” offers always come to an end, just like honeymoons do – hence the name!

About the Author

For more information regarding balance transfer credit card, balance transfer credit cards offers and credit card interest rate, please visit: www.lowerbills.com.au

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