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"Start looking for balance transfer cards for New Year financial hangover"

By admin | January 2nd, 2009 | Balance Transfers

Every year many of us go through the all too familiar process of trying to get over the financial hangover from Christmas, and this year this could prove to be a particularly harrowing time as a result of the ongoing global credit crunch and the recession, which is making finances even tighter for most people. The New Year could be even worse for many people who have run up debts on their credit cards from spending over the Christmas and New Year period.

With this in mind many industry officials are recommending that consumers start looking around for good deals on 0% balance transfer credit cards, so that they can transfer the debt from their higher interest credit cards onto the 0% balance transfer card and avoid having to pay any interest on their debt. By transferring the balance onto a 0% balance transfer credit card you can save a small fortune on the interest that you would otherwise have to pay on your credit card debt.

However, consumers are also warning that there is a shortage of 0% balance transfer credit cards on the market, with many lenders having taken some of their deals off the market, which means that it could be harder for consumers to find a suitable deal in time to transfer the debt and save money on their interest. Also, the tighter credit conditions that are in place as a result of the global credit crunch could also make things more difficult.

One industry official said: ‘For those that want to try and transfer their high interest credit card balances and save money on interest it is important to start looking around for suitable credit card deals right away, as processing can take longer at this time of year due to holidays and higher application levels. Try and find a card with the most generous interest free period, but also be mindful of the balance transfer fee that is charged on the card.’

Tags: 0% balance transfers, Balance Transfers, credit card debt

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