123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Shrug Off Your Financial Stress By Opting For Balance Transfer

By Author: Rajeev Ranjan
Total Articles: 12

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 customer’s 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 isn’t 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

Total Views: 69Word Count: 421See All articles From Author

Business Articles

1. Why To Choose Startups For Career Growth
Author: Nita Desai

2. Opportunities For The Global Optical Film Market To Reach $21.8 Billion By 2023
Author: Lucintel

3. Ugc Recognized, Aicte Approved College
Author: adrianabrainbuxa

4. Valley Stream New & Used Honda Dealership
Author: Honda of Valley Stream is here to help you find th

5. Life After You Graduate
Author: celinabrainbuxa

6. Tips To Order Garden Roses Online
Author: Joseph miller

7. The Latest Developments In Supplier Management
Author: James Maron

8. Use Fr Coveralls To Prevent Fire Burns
Author: tara safe

9. Floral Decoration Ideas Using Baby’s Breath
Author: Raman K Miller

10. How To Choose Perfect Garlands To Suit Your Wedding Theme
Author: albert miller

11. Top Engineering Colleges On Placement Record
Author: thomasbrainbuxa

12. Market Research Report - India Personal Care Appliance Market Outlook, 2023
Author: Aarkstore Enterprise

13. 6 Ultimate Ways To Promote Your Services Using Customized T-shirts
Author: T-Shirt Printing Services, T-Shirt printing

14. Best Practices In Home Care
Author: tanvibrainbuxa

15. Benefits Of Tyre Recycling
Author: Guna seelan

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: