Consolidating credit card balances Chat hot gratis usa
It is estimated that around 40% of credit card holders do not pay off their balance in full each month.
With average household credit card debt in the UK currently at £2,688, finding a means of reducing interest costs could be a priority for many people.
This task is being made easier through improved technology.
For example, it is possible to set up direct debits scheduled for payday in order to make repayments to credit cards and also to make regular payments into savings accounts.
The Motley Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA, and we are permitted in this capacity to act as a credit-broker, not a lender, for consumer credit products (our FRN is 422737).
The Motley Fool Ltd does not have permissions for, and does not advise on, investment products and services, but may provide information on investment products and services.
The introductory interest rate on a balance transfer card may be low, but this is the flip side: A balance transfer card may be worth considering for many people with existing balances on their credit cards, depending on their personal circumstances.
Consolidating credit card debt can lead to lower interest costs and greater simplicity.
My Wallet Hero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd.
Doing so could allow them to repay their debt two months earlier, assuming they continue to make payments of £200 per month.
However, the saving in interest paid must be weighed against the costs of a balance transfer card…
Some offer long 0% interest rates, with the longest balance transfer deals lasting over two years.
Other cards on the market simply offer a standard low interest rate for the life of the credit card.
The Motley Fool has recommended shares in Lloyds, Tesco and Barclays.