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Paying off the dues on balance transfer credit card before 0% APR ends

[Tuesday, February 22nd, 2011]

One of the many reasons people opt for balance transfer cards is the 0% APR that is offered. It must be noted however that, if the balance transferred onto this card is not paid off within the offer period, the entire purpose is negated. It needs good financial planning to ensure the balance is paid off in full, while the 0% APR is still on. Here are simple tips to help consumers achieve this.

The first thing to do is to set a budget and ensure you do not exceed it. Make a list of monthly expenses and ensure you set aside sufficient money towards each expense well in advance.

Refrain from using credit cards further. It is important to remember that you applied for the balance transfer credit card as an option to bring down your debts. It is of no use if you continue paying off on one card while spending on the other.

Make changes to your lifestyle to ensure all unnecessary expenses are eliminated. Choose to buy things that are a necessity as compared to a luxury. Though it is not possible to cut down on loan and mortgage payments, you can surely decrease the money you spend on take-aways and entertainment.

Finally, ensure every spare dollar you can lay your hand on, is used to pay off the debts on the balance transfer credit cards. It definitely will be a difficult task, but worth the effort, since you can eliminate your dues without having to pay any interest at all.

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