How You Can Consolidate Your Debts Using a
Low Interest Credit Card or No Interest Credit Card

What is a low interest credit card or no interest credit card?

It is a credit card that promises very low interest or no interest on your balance. It encourages you to transfer your balances from your existing credit cards for its very attractive rate. They are also known as Balance Transfer credit cards.

You need to be very careful when considering them for debt consolidation.

What are the benefits?

You can use the low interest credit cards to lower your monthly payments on your credit card balance. The lower interest rates will help you put more money towards paying down the balance. (It is very important to read the fine print on the credit card contract to see what the terms are and then make sure you do not violate them. If you do, you may get penalized with higher interest rates.)

What are the drawbacks?

Beware of the low interest trap on these credit cards.

A low interest credit card may look like a great offer. But a closer look at the fine print usually shows the initial low rate doesn't last very long before reverting to higher rates, and the rate is sometimes restricted to a limited amount. Many of these offers will have clauses that restrict the low rate to certain purchases and balance transfers. The rest will be at a higher rate - sometimes higher than what you are paying with your current credit cards.

Many times the low rate being offered doesn't apply at all to balance transfers or cash advances. In which case, they defeat the purpose of you transferring to the new card in the first place.

Universal Default - this term usually accompanies these types of credit cards. If you are late on a payment, the credit card company can automatically begin charging the higher interest rate.

There are many more traps and tricks that zero percent and low interest rate credit cards use to get you to transfer your balances to them and then find ways to charge the higher interest rates. You must approach this option with caution.

If you are facing debt problems, the last thing you need is aggravation and surprisingly higher bills.

Is a low interest credit card or no interest credit card right for you?

Only pursue this option to consolidate debt if you have the discipline to pay off your credit balance without taking on more debt. See our article about using a low interest credit card to succeed at the balance transfer game . Otherwise you will find yourself in a worse debt situation than before. And when it comes to credit card offers, make sure you read the fine print.

How do you get started?

To get started, look for reputable lenders with no interest or low interest rate credit card offers. They will be more than happy to provide you with one. But again... read the fine print.

Find Out How Much You Can Save With Debt Consolidation!

To get a debt consolidation loan, you just fill out the form below. Then you will receive up to 4 free quotes from well established, nationally recognized lenders.  Just apply and find out what the loan can offer you and compare it to your present situation. 

If you decide it's not for you, you simply do not have to accept the offer. It's that simple. You have nothing to lose and everything to gain.

Here's how you can consolidate your debt!

You get up to 4 Free, No-Obligation Quotes

Just fill out the form below:

  

Credit Card Debt	$ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+
Other Unsecured Debt	$ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+
Number of Creditors	Select One 2 3 4+
Status of Bill Payments	Select One Up to Date About to Fall Behind 1 Month Behind 2 or More Months Behind
I want to	Select One Eliminate My Debt Consolidate My Debt Seek Advice
Own a Home?	Yes  No