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Balance transfer cards may help with credit card debt

Personal finances are stressful for both young adults and older individuals alike. This is particularly true for those who are confronted with large amounts of credit card debt that they can't seem to overcome. In some cases, people in Pennsylvania may opt to use balance transfer cards to transfer high-interest debt to zero-percent-interest cards.

With cards that offer no interest on purchases, a consumer can use the card to buy something without having to worry about being charged interest. Even though a minimum payment is required every month, these purchases won't include charges for interest. However, this type of deal usually lasts for only six to 18 months. After that period, a Pennsylvania consumer will have to pay the regular interest rate on any debt that is still on the card.

The goal is to get rid of any debt faster, since one doesn't have to pay interest, so that all of the payments made are applied to the principal. This is a significant benefit because many credit cards carry interest rates in the double digits. It is unwise to rack up more debt on the balance transfer card, as this only makes the person deeper in the red.

Credit card debt can feel like a beast that is hard to conquer. Sometimes, the best choice for finally conquering these issues is by filing for bankruptcy protection. The legal avenue of bankruptcy usually is a responsible way to get rid of unmanageable amounts of debt that have simply become unmanageable.

Source:, "8 tips on using balance transfer cards to get out of debt- MSN Money", Dough Roller, April 4, 2014

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Bryan P. Keenan & Associates, P.C.

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