Dealing with credit card debt with a balance transfer card

For many Tennessee consumers, using credit cards is a way of life. People use their cards daily for purchases ranging from emergency medical bills to groceries. Swiping a card is a financial strategy for those who do not have the savings to manage some types of expenses. The end result is often an amount of credit card debt that is overwhelming and unmanageable.

Those with this type of debt may consider applying for a balance transfer card as a way to deal with their credit card balances. These cards allow a consumer to move his or her balances to one account, and it’s possible that this could result in easier payments and lower interest rates. This may seem like a reasonable way to regain control over credit card balances over time, but like any type of financial decision, it’s prudent to weigh the benefits against the potential drawbacks.

Some balance transfer cards come with hidden fees that are applied when transferring balances, and others may have a low introductory interest rate that increases after a certain amount of time. Reading the fine print is important with any type of card. Even after transferring balances, an applicant may still have more debt than is easily managed without some type of help.

Transferring balances is only one way to deal with credit card debt. Some Tennessee consumers may benefit from specific types of bankruptcy that can allow them to deal with unsecured balances, like credit card bills. Before making any important choices, it may be helpful to learn about options from an experienced legal professional.