Are Balance Transfer Credit Cards, My Debt Relief Option?

It should come as no surprise when I say that the near decade of financial recession really has hurt a vast majority of Americans. The truth is, there are several people out there these days that are struggling with financial hardships and overwhelming credit card debt as a result of poor financial conditions in the United States and around the world! But, conditions are continuing to improve and millions of people are now, finally, starting to get back on their feet. But, the overwhelming credit card debt still exists for many and, thousands of consumers have turned to balance transfer credit cards as a debt relief option. This is because balance transfer credit cards generally come with low, in most cases 0% promotional interest rates as well as low long term interest rates. So, thousands of people have saved quite a bit of money using them as a debt consolidation tool. But, are balance transfer credit cards your best debt relief option.

Lets be honest, everyone is different. We all have different wants and needs; we all must live through our own struggles. So, how could I possibly know if balance transfer credit cards are your best debt relief option? Well, because generally those with credit card debt can be fit into 3 different categories. First, those consumers who amongst an increasingly difficult struggle some how found a way to pay their credit card bills on time, every time. Then, you have those who have made an attempt to pay and do pay every month but, chances are, the payment never comes on the due date. Finally, there are those who have suffered such a financial hardship that they simply could not keep up and haven?t made a payment in the last couple of months. The answer for each scenario will be different. Here are the answers:

Scenario #1: Paid Credit Cards On Time: For those who have paid their credit card bills on time, every time, balance transfer credit cards may just be their best debt relief option. This is because even through hard financial times, these consumers made their payments some how, some way. They showed that they are worthy of lender assistance and have maintained a good to excellent credit score. The truth is, you must have a good to excellent credit score to be approved for any balance transfer credit card that is worth while. Therefore, if you have worked hard to put yourself in this position, chances are you will be approved for balance transfer credit cards and, they are all you really need for a good boost on paying your debts off.

Scenario #2: Paid Credit Cards On Time Every Time, Almost: If you are one of the many consumers that has paid your credit card debts, every month but never on time, chances are you do not qualify for balance transfer credit cards. However, if you are one of the many consumers that paid on time at least 10 or 11 months out of each year, you may qualify for them. I would suggest at this point checking your credit score to see if you have the score needed to qualify and really think about all options. No matter if you qualify for balance transfer credit cards or not, you may be in need of more assistance. Assistance that can be provided by working out hardship programs with your lenders. All you need to do is call your lender and talk to them about your options when facing financial hardship. They will point you in the right direction.

Scenario #3: You?re In Way Over Your Head: Finally, we still have a large group of consumers that no matter how hard they tried, their financial hardships simply would not allow them to ever pay on time. In many cases, many consumers couldn?t pay at all. If you want to get out of debt and are not considering bankruptcy, I would suggest looking into debt consolidation programs to see how they can help. However, if you are considering bankruptcy, I strongly urge you to think of the long term effects of this action. It may be best for you to give it one last try using a debt settlement program. In many cases, I?ve seen settlements at 55% and lower with incredibly low monthly payments. Talk to your local banker and weigh all of your options first!

It is all too often that I see consumers choose debt settlement and destroy their well earned credit scores when all they needed was a balance transfer credit card. On the other hand I have seen several choose balance transfer credit cards in scenario #2 when they were really in need of financial hardship programs provided by lenders. If you have any questions about how to handle your unique financial position, please feel free to email me at Joshua@JEMCreditCards.com!

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Source: http://jemcreditcards.com/are-balance-transfer-credit-cards-my-best-debt-relief-option

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