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Shrug Off Your Financial Stress By Opting For Balance Transfer

By Expert Author: Rajeev Ranjan

Economic slowdown, high rate of inflation, lesser job opportunities is casting a gloomy shadow on all aspects of our daily lives. It has immensely affected the customerís ability to pay their credit card bills and EMIs on loans. This in turn is posing a threat to the customer as his financial future becomes unhealthy; because irregularity in payments can have serious repercussions on their credit report. Making matters worse, the current situation is also leading many people to the fringes of bankruptcy. Those who have taken home loans and car loans are especially under tremendous financial pressure to repay their loans on time.

Paying off the debt is easier said than done. It is not possible to remain absolutely debt free although this is encouraged if you want to have a decent credit score. So to give you some respite from your financial strain, there is an option of transferring the outstanding balance. By credit card balance transfer you mean transferring the outstanding balance from one credit card to another. Similarly, by home loan balance transfer it means taking a home loan, to pay off existing home loan(s). So you can see that the best balance transfer options will help you to move from fixed interest rates on home loans to lowest rates on home loan interest. This is advisable when interest rates are lower than the original loan.

Balance transfer basically comes in two types - fixed duration option and lifetime duration option. The fixed duration option is a limited period offer, usually 3-12 months, where you need to pay your dues within that period of time. During this period, the bank offers you a lower interest rate of around 9% per annum; however, different banks offer different interest rates and some even waivers off the full interest. But if you miss a payment within the fixed period, the bank will charge you the regular rate of interest, which could be similar to the rate you are paying on the current card. On the other hand, you can take you entire lifetime to pay the balance in the lifetime option. But the interest charged isnít as low as the fixed rate option and is usually around 12-24% per annum.

Consult a mortgage refinancing firm who will advice you better depending on your particular situation. Since it is difficult for a layman to understand the intricacies of mortgages and refinances, seeking professional help is always encouraged.

For more information about lowest rate on home loan, best balance transfer options visit our website at http://www.switchmydebt.com

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