A recent analysis of lenders shows a large variety of debt is eligible for transfer to credit cards. Many of these debt transfers are popular with consumers because of the introductory 0% interest rates.
They are also popular because many of the lenders are allowing auto loans and mortgages, secured debt because the lender can repossess the car or foreclose the home, to be transferred onto a credit card, an unsecured debt.
In addition to auto loans and mortgages, many lenders allow student loans, home equity lines credit, small business loans, and payday loans to be transferred onto a credit card. The introductory interest rates on these balance transfer options range from 6 to 18 months, and after that time escalate to the typical double digit interest rates associated with credit cards. The advantage to the credit card lenders becomes obvious as many consumers do not pay off the balance transfer during the introductory 0% interest period and find themselves paying a much higher interest rate. If you find yourself on the high interest treadmill after a balance transfer, contact a qualified debt settlement attorney and learn more about debt settlement as a surer way lower debt balances.
Kevin Fallon McCarthy
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