With the economy is the current state, many consumers are searching for ways to save money and lower their debt. There are various ways to get rid of unnecessary debt like consolidation loans, second mortgages and credit card balance transfers. Any of these options are beneficial to an individual if they are thoroughly researched and are not entered into hastily. With any of the three options, a low interest rate will be the most beneficial. Transferring a balance from one credit card to another, however, will not be as advantageous unless you choose a fixed low interest credit card for the transfer.
Possibly the most feasible way to save money and lower debt is to start getting rid of carrying all of those unneeded credit cards. The credit industry experts recommend that you only hold 2- 3 credit cards for the sake of keeping your credit score at an acceptable level and for keeping your debts within reach. Transferring the balance from a high interest rate card to one that happens to be a fixed low interest credit card can save more money than you may think. Combining most of your credit card balances into the lower interest credit card will also save tons of money.
A few things to watch for during your quest to find the perfect fixed low interest credit card for your balance transfers are hidden fees, interest rate and conditions of the low rate. Make sure that you read all of the fine print before signing for anything because that is where most of these facts may be hiding. Some credit card issuers will charge additional fees for balance transfers and it may not be a big savings of money if you have to pay extra fees. Also, if you do not pay your payment by the listed due date, the credit card issuer retains the right to raise the low interest rate without even informing you. So, choose wisely and be sure to pay on time or the balance transfers will not be saving money at all and may end up costing you more.