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managing debt

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Balance Transfers 101

So you went a little overboard over the holiday season and you’ve racked up a hefty credit card bill. We’ve all been there, there’s nothing to be ashamed about. If you can’t or don’t pay off the balance in full by the due date, you might have to pay interest on your debt and some credit cards carry interest rates up to 20% p.a.! You’re probably thinking: I don’t want to pay all that interest! Help! What can I do??? First step, don’t panic. There are many options that can help you minimise the holiday debt hangover. One option is to take advantage of a balance transfer offer. Let’s go over the basics. What is a balance transfer? A balance transfer lets you take the balance you owe on an existing credit card and transfer it over to a new credit card. What’s the benefit? Balance transfer offers often come…