A balance transfer card with a 0% introductory interest rate can be an excellent way to consolidate high-interest debt and efficiently pay it down. It can also be a way to avoid reality and rack up even greater interest payments in the end.
A new study by CompareCards.com finds that too many Americans are taking the latter path. The CompareCards 2018 Balance Transfer Credit Card Report shows that 2 in 5 Americans that have had a balance transfer card failed to pay off the full transferred balance before the introductory period expired.
“That was disappointing to learn,” said Matt Schulz, Chief Industry Analyst with CompareCards.com. “That means that lots of people aren’t getting as much savings from balance transfer cards as they could, and that’s a shame.”
Balance transfer cards carry a high annual percentage rate (APR) after the 0% period. Any remaining balance from the tran...
from MoneyTips https://www.moneytips.com/2-out-of-5-balance-transfer-cardholders-dont-pay-off-their-balance-in-time/781
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