By Peter Kenny
 Brits have become known as a nation of credit card lovers, and a number of recent reports have revealed that many British borrowers have their purses or wallets filled with plastic cards, with some carrying three, four, even five credit cards on them at any one time. The UK's personal debt mountain reflects just how reliant the nation has become on finance such as credit cards over the years, and this is also reflected by the number of people that have found themselves buried up to the neck in credit card debt.
The one thing that you have to remember about credit cards is that the interest rates charged, and the various fees that are applied, can be very high, which is why it can take so long and be so expensive to pay off this sort of debt if you are making only small repayments on the cards each month. Many people may be planning to switch their expensive credit card debts to a low interest or interest free balance transfer credit card, but it is important to remember that switching cards has |
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By Stephanie Foster
 On the whole, a low APR is a wonderful thing. Who doesn't want to pay little to no interest for the money they borrow? But some deals are better than others, depending on your needs.
The problem comes quite simply down to balance transfer caps. You're generally paying 3% for your balance transfer, and more and more often that amount is not capped. You may be adding an immediate 3% to your entire balance.
What this means is that if your current interest rate is pretty good, and you're going to be carrying that balance for only a short time, you may lose money. On the other hand, if the 0% APR runs for a year or so, and you're continuing to carry that balance, you'll save money.
Just beware of whatever the promised interest rate is after that time, as well as what you'll be paying on new purchases, assuming you'll be using the card that way. You need low enough rates on these to be worth your while as well.
Obviously, if your credit card has had its APR |
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