How to Find the Best Balance Transfer Credit Card for You
The average American household with credit card debt owes just over $16,000. At an average APR of about 16%, this implies that the average household with credit card debt ends up paying more than $2,500 on interest every year, or $213 monthly. Transferring that balance to the right credit card can dramatically cut, or eliminate, that expense.
There are two main reasons to consider a balance transfer with your existing credit card debt -- consolidation and saving money. It can simplify your financial life to have all of your debt in one place, as opposed to smaller balances spread across several credit cards. And if you're trying to pay down credit card debt, a balance transfer offer can save you some serious money and help you pay down debt faster.
A balance transfer can help you consolidate several credit cards' debt on to one, and save you money in the process. Image source: Getty Images.
Source: Fool.com
