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: 50Word Count: 421See All articles From Author

Business Articles

1. What Kind Of Business Web Hosting Do You Need?
Author: Ozzietel

2. Live Chat Agent Training Solutions For Your Company
Author: Brian Miller

3. The Importance Of Live Chat Conversation Data
Author: Brian Miller

4. Live Chat Can Increase Sales With The Help Of Ai
Author: Brian Miller

5. What To Expect From A Machine Learning Engineer In Venice, Ca
Author: Brian Miller

6. Is It Time To Benefit From Live Chat Agent Training Solutions?
Author: Brian Miller

7. Top Reasons To Invest In Enterprise Artificial Intelligence Solutions
Author: Brian Miller

8. Live Chat Can Increase Sales – How?
Author: Brian Miller

9. Advantages Offered By The Best Live Chat Agent Training Solutions
Author: Brian Miller

10. Buy Aromatherapy Products Online
Author: romyfernandis12

11. What Else Can I Do To Make My Deck Last Longer?
Author: Blue Star Carpentry has been specializing in custom decks for over a decade. When you sit outside wi

12. Colour Business Cards To Make The Business Elegant
Author: Vikram Kumar

13. Don’t Go Cheap On Marketing Materials, Hire The Best Professional Folder Printing Services
Author: Vikram Kumar

14. Represent Your Company With Style By Handing Silk Laminated Business Cards
Author: Vikram Kumar

15. Opt For Business Card Printing Using Advanced Offset Technology
Author: Vikram Kumar

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