2 Out Of 5 Balance Transfer Cardholders Don’t Pay Off Their Balance In Time

MoneyTips

A balance transfer card with a 0% introductory interest rate can be an excellent way to consolidate high-interest debt and efficiently pay it down. It can also be a way to avoid reality and rack up even greater interest payments in the end.

A new study by CompareCards.com finds that too many Americans are taking the latter path. The CompareCards 2018 Balance Transfer Credit Card Report shows that 2 in 5 Americans that have had a balance transfer card failed to pay off the full transferred balance before the introductory period expired.

“That was disappointing to learn,” said Matt Schulz, Chief Industry Analyst with CompareCards.com. “That means that lots of people aren’t getting as much savings from balance transfer cards as they could, and that’s a shame.”

Balance transfer cards carry a high annual percentage rate (APR) after the 0% period. Any remaining balance from the tran…

MoneyTipsA balance transfer card with a 0% introductory interest rate can be an excellent way to consolidate high-interest debt and efficiently pay it down. It can also be a way to avoid reality and rack up even greater interest payments in the end.

A new study by CompareCards.com finds that too many Americans are taking the latter path. The CompareCards 2018 Balance Transfer Credit Card Report shows that 2 in 5 Americans that have had a balance transfer card failed to pay off the full transferred balance before the introductory period expired.

“That was disappointing to learn,” said Matt Schulz, Chief Industry Analyst with CompareCards.com. “That means that lots of people aren’t getting as much savings from balance transfer cards as they could, and that’s a shame.”

Balance transfer cards carry a high annual percentage rate (APR) after the 0% period. Any remaining balance from the tran… […]Read More

Disclosure : Anunlimitedamountofmoney.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.
Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, We will receive an affiliate commission at no extra cost to you. Please read our disclosure for more info.

 

 

error: Content is protected !!