Buying Some Time With 0 Apr Credit Cards

By Author: Liz Nicholas
Total Articles: 18
Comment this article

0 APR credit cards are cards with zero percentage interest rates, which means a credit card company will not charge you a fee while the rate is active. These types of interest rates do not usually last for too long though.

0 APR credit cards are teaser or introductory rates that are used as some sort of incentive for getting a new card, if you use such cards, you can actually reduce or eliminate some of the charges that may apply on your credit card balance, within the periods the rates are functional. You may get 0 APR rates on the purchases you make and on balance transfers.

0 APR credit cards are ideal for credit card consolidation, credit card consolidation is when you transfer a credit card balance, from one card to another, usually from high interest rate cards, to zero or low interest credit cards.

To use 0 APR credit cards and give yourself some more time to pay off your debts, you will need to have some idea of how much debts you owe, and how much of that you will want to transfer to such cards. The total amount of balance you can transfer will depend on the available 0 APR credit cards you get ...
... approved for to do balance transfers. You should however note that, you might not be able to transfer all your debts onto a single credit card, or get enough multiple balance transfer cards to cover your total debts though.

Before applying for any one of these cards, you should try to determine if you can pay off your debt within the 0 APR period(s) with what you are earning now, or if you can generate enough extra income to do this. It is likely you may not be able to pay off your debts before a 0 APR period expires. What most people may do, is to transfer their credit card balances from one 0 APR credit card to another before each expiring period, the problem with this strategy though is, there is no guarantee you will keep on getting 0 APR credit cards approvals, for as long as you need them, and just moving your credit card debts around, without paying on your debts, may affect your approval negatively for other types of credits like a car or home loan, with your creditors.

Your best option may be to go with 0 APR credit cards, that will take on low interest rates after the expiring date for the 0 APR offer, if you can get them, or you can simply go for a card with a permanent low interest rate. You may then stop using the card for other purchases, that is, you can stop acquiring more debts with the card, and then simply pay the card debt off.

While 0 APR credit cards may help you some, if you are really having some difficulties paying on your debts, you may want to get some free credit advice and counseling, to deal with your debts and get a permanent solution to resolving them.

Find more options on getting out of debt and becoming debt free, at http://www.hubclue.com/creditcards/gettingoutdebts.htm . Copyright hubclue.com. All rights reserved.