Credit Card Balance Transfer
The situation can really become impossible and a complete nightmare, but fortunately there is a way out of this hell.
Credit card companies are desperate for you to run up a debt on their card. Once you do this, they have you just where they want you and will squeeze you for every bit of interest they can and rub their greedy hands together as you spiral into a debt you can seemingly never get out of. However – the enticingly great interest free for x months deals credit card companies offer you to snare you into their evil world can actually help you get out of debt. The term is called a credit card balance transfer, and it works like this:
1: You have a card with Bank 1, and run up a debt which you struggle to pay back due to crippling interest.
You go to Bank 2, and find out if they have any interest free for x months (usually 4 or 6 months) credit cards, and apply. You then transfer you're debt from Bank 1 onto Bank 2's card. The best part is you are now paying no interest a month, only the minimum payments. And if you still have considerable debts you can then call in a Bank 3 at the end of the interest free period of Bank 2 and apply for yet another interest free credit card.
The secret is to keep you're debt moving from one card to another for as long as you can until you're debt is paid back, all the while you avoid paying interest and are able to chisel away at you're debt.
For more information ask another bank to the one you are currently indebted to about the possibility of setting up an account, getting a credit card and doing a credit card balance transfer. After all, banks would rather you were indebted to them even for an interest free period, because they know all too well they still have a chance of eventually earning money from you.
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