Should you consider those low rate balance transfer credit cards when looking for online debt relief, and what exactly is the benefit to having one?

Well, as most people are already aware, money problems can arise without warning. You might have the world on a string – hold an excellent job, have a house, and of course, own some credit cards that you manage better than a lot of other people you know.

However, since this is the game of life you also know that sometimes it doesn’t play fair. You may get sick, or become embroiled in a nasty divorce – suddenly finding yourself without money, but plenty of bills. And, if your credit has started to suffer as you can no longer afford to make all your obligations on time, these balance transfer cards can seem like a dream come true!

But be careful, as these transfer „programs“ can hide many pitfalls that can make a bad situation even worse! With that, here is a brief summary of what this „solution“ can bring you in the way of traps, if you don’t know how they operate:

These „miracle“ cards appear to offer those who are struggling with their finances a golden opportunity to zero out the high balances on their current cards by accepting the company’s card, which comes with a wonderful low interest rate. And, it looks like a pretty sweet deal, it’s true. To the novice, it seems that you simply apply for the card and transfer each nasty current balance you carry, to it once you get it. Then everything is back to being perfect again!

And to make you a believer, the ads bombard you with the fact that you will have just a small monthly payment to send every 30 days, once you’ve transferred the balances on your other cards to your new one, that is. Plus that great rate is YOURS for a whole six months! But as you will see, sometimes a solution turns out to be an even bigger problem:

In the first place, there’s the question of the „low“ or even „NO“ interest rate for six months. Like many others, you may not be aware that this only applies to those debts you’ve transferred to the card, and not any new charges you may be racking up every week. So know ahead of time that anything that’s not considered a transferred debt, will be subject to the card’s standard rates and other fees.

And, speaking of their standard interest rates and miscellaneous fees, consider this. Many a person hadn’t a clue that their introductory rate had even expired – until the day they opened up their latest statement, only to discover their minimum monthly payment had almost tripled!

And yet there is another hidden danger most aren’t aware of. And, that is the number of people who don’t realize how easy it is to start using their paid off credit cards here and there, until all of a sudden they are over the limit again. So now they find they owe more money than ever, both on the new AND the old ones. And, of course, the fees on each continue to be compounded daily. To say this is comparable to swimming upstream without a paddle, is to put it lightly.

So, unless you are a strict disciplinarian with your finances – which most people aren’t – it may be wise to avoid this online debt relief „solution“ altogether, and instead, talk to someone who can help you that has nothing to gain by misleading you.

Discover the right debt relief companies to use by looking online. There you will find which onlline debt relief choice is best for your situation. Head online today and discover more.