Balance Transfers and Spending
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Balance Transfers and Spending
You've probably heard many stories about people who benefited from balance transfer cards. These folks, after careful planning and research, transferred the balance of their high-interest credit cards over to a new low- or no-interest balance transfer card. They used the introductory period to double up on payments and paid off their entire balance before the interest rate increased.
Unfortunately, the follow-up to this story is often that the people then continued to use the balance transfer card to make new purchases and, in a couple of years, ended up transferring the balance to a new card and starting the cycle all over again.
When you have the opportunity to transfer your balance, be sure to use it as a reason to overhaul your spending. Begin to buy only those items you can afford to pay cash for and stop the cycle of debt so you can offer your family a more secure and fiscally responsible financial future.
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| Mary White |
