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5 Things You Need To Know About Credit Card Balance Transfers

Tuesday, December 18, 2012 - 8:33 AM
From USNews & World Report via Yahoo Finance,
A strategic balance transfer could provide you with the breathing room you need to catch up on your bills. On the other hand, if you are still busy racking up huge amounts of debt and don't have a plan to pay off those balances in a reasonable amount of time, transferring the balance to another credit card may do more harm than good.  

To truly benefit from credit card balance transfers, keep these five important factors in mind:

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pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
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1. Tuesday, December 18, 2012 - 8:46 AM
The last factor on the above list is critical. according to Consumerist.  The temptation to use that new card and its no/low interest introductory rate to make additional purchases can make things worse.

From Consumerist:
The folks at Credit.com recently did a round-up of 5 Credit Card Catastrophes and “Doing a balance transfer and then making purchases on the new card” topped the list.

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pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
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