Debt freedom in 2015 made easier by zero percent balance transfer offers

This has been a tough year for many people. The economy has been recovering in fits and starts, jobs are hard to find, but the bills keep on coming. This has caused many people to put more debt on their credit cards than they’re comfortable with. Many look towards 2016 as a chance for a fresh start. But now there is an option which can help people to enter 2016 with a little less debt. It’s an option many credit card companies offer which can help to stabilize people’s finances. It’s zero percent balance transfer offers.

A zero percent balance transfer is an offer credit card companies make to get consumers to try their credit cards. The company offers to pay off the balance the consumer has on their existing cards and transfer the debt to the new card with a 0% interest rate on all transferred balances. This can save many credit card holders untold amounts of money and help them to start 2016 with less debt. For many people this could transform their financial situation and let them go into 2016 with much lower payments due on their credit card debt. That can make 2016 a really happy new year.

Many credit card companies use the elimination of interest as a way to entice people to switch credit card companies. This can be a great deal for consumers struggling under the burden of skyrocketing interest rates and reduced income. Those 0% introductory rates can help to eliminate the previous interest rates and the money will not accrue any interest on the balance that is transferred during the length of the offer. While the 0% balance transfer rate is only temporary and the duration of the 0% balance transfer offer may vary, for people who pay attention to the length of time they have to payoff their balance before the standard interest rates kick in, it can be a great help.

The key to getting the most out of the introductory offer is becoming familiar with the conditions and terms associated with the new credit card. It’s important to know whether or not new purchases made during the period while the introductory 0% rate is still in effect will be covered under the 0% transfer interest program. Further, the amount transferred is sometimes subject to a one time fee of between 3% and 5% of the balance. Still, for many people this is preferable to the high interest rates they had been paying.

This 0% balance transfer can serve as a debt consolidation loan and help consumers get on a more solid financial footing. It can also save hundreds or even thousands of dollars within a few months. Not everyone will qualify for those great introductory rates, but for those that do it can be an excellent opportunity to save money and start 2016 off on a good note.

This article was written by Steven Moore, who has been covering consumer finance and the credit card markets since 2006. You can learn more and connect at his Google+ page.