Balance transfer offers could help reduce credit card debt
BOSTON - You might see them periodically in your mailbox and think they're junk mail, but if you're sitting on some credit card debt, experts say now might be the time to consider one of those balance transfer offers.
Mark Scribner of Carson Wealth in Boston says a lot of banks and credit card companies are offering decent deals on cards that will let you transfer your balance and pay little or no interest for up to 18 months. On a $10,000 balance, that could save you hundreds of dollars a month.
"There are more offers right now because a lot of consumers are struggling with credit card debt and banks see this as an opportunity, Scribner told WBZ-TV. "So there always been those kind of balance transfer options out there in the past, but they've increased, just because of that interest rate environment."
According to Scribner, these cards are an opportunity to pay down principal, but be aware that once that introductory period is over, the remaining balance will then be subject to that high interest rate.
