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Transfer 0% Cards

A great way of consolidating your debt into one place and paying no further interest while you pay it off is by use of balance transfer 0% deals. This feature allows you to transfer all of your existing debts to on credit card that provides an interest free home for a specified period. This is generally from 6 to 15 months, and gives you some breathing space to reduce your debt without incurring any more interest on your balance.

Although balance transfer 0% implies that there are no costs involved, there is a transfer fee that is determined by a small percentage (about 3%) of the balance you wish to move across. For example, on a balance transfer of £2000 you will have around £60 added onto the balance when the transfer is completed.

You must remember that you have to pay at least the minimum payment every time your bill is due to avoid having to pay any charges. One way of ensuring your debt is cleared within the 0% period applied to your card is by dividing your full balance (including the transfer fee) by the number of months in the 0% introductory period, then make a payment of this amount every month.