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2008-10-06 04:35:10

Facts You Need to Know about Credit Debt

Judging by the latest polls and researches, US consumers have rather conflicting attitudes to debt. More than 90% of customers think that debts can be controlled by careful planning and smart spending. Meantime, 72% of people treat debt as a part of life and admit that it can be pretty tough to avoid debts, especially now that customers are being squeezed by lenders. The thing is, profitability of lending institutions has fallen due to huge losses in the mortgage sector. To limit their risks and recoup the losses, lenders change the terms on credit accounts so that it's getting hard to handle plastics responsibly. Learn how to clear your debts and avoid serious financial troubles!

The easiest way to eliminate debts is to apply for a good balance transfer card that offers an extensive into period. Once you have moved your balances on the plastic with a 0% APR, your debts will stop earning interest. And it means that you can pay off your debts faster and what's more importantly, on much more favorable terms.

The key is to pay off as much as you can. Ideally, you'd better take advantage of a balance transfer calculator to estimate the approximate monthly payment you need to make in order to pay off the entire balance until the intro period expires. If you have massive debts, plastics with low fixed interest rates on balance transfers would be a better option.

Pay attention to the fact that best buy online balance transfer deals are generally come with incredibly great rewards programs so you may get tempted to make new purchases on your new balance transfer card. Avoid doing so, if you aim to cut your debts. As soon as you pay off your debts, feel free to enjoy all the benefits given through the rewards program.

If you carry high-rate plastics, it makes sense to find the one for making new purchases, the card that gives low interest rates on purchases plus 0% rates for as long as possible.

To make your shopping more cost-effective, you may review rewards credit offers. The real gem of these plastic money deals is that they give you valuable rewards redeemable for merchandise, free services, or gift cards depending on the terms of the deal. This way, every time you make new purchases on your rewards plastic, you accumulate miles, points, or cash back rebates. Savvy customers make the most of these deals by redeeming the rewards they earned for free flights, or free hotel stays, by getting top branded gift cards. Some people use these gift cards as birthday gifts for their relatives and friends. It's really a great way to save your time and efforts.

By managing your debts, you will be able to make smart financial decisions and qualify for the best plastic money deals available on offer.

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