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Balance transfer cards are cost effective providing you take advantage of the 0% interest period.It’s during this time that your repayments stretch further as you’re not paying interest on your balance and can clear your debt sooner.A ‘balance transfer’ is the process of moving what you owe on one card to another card with better terms.Many card providers offer 0% interest deals as a way of enticing new customers, so it’s important to be aware of how long the interest-free period lasts for (usually between 12-40 months) because, after this, interest will be charged.
When you move your existing debt to a balance transfer card, your new provider will charge you a fee for doing so.Often people have more than one debt, such as balances on several credit cards, making it difficult to keep track of who and what they owe.If you consolidate your debt onto one card then you have just one monthly payment to make.Usually, it also keeps a portion (or sometimes all) of your payment to cover its own fees.
While there are some legitimate companies that provide this service for a very low fee, many companies charge huge fees and do little on your behalf.
When you obtain a debt consolidation loan, you pay off all of your outstanding credit cards with its proceeds.