INTEREST-FREE TRANSFER PROGRAMS
If you have an existing credit card debt, taking advantage of one of the many interest-free transfer offers could be a good way to get a handle on it. However, even though this may feel like a positive step towards debt-free living, you need to have a plan as this option isn’t without its pitfalls.
Some providers that offer interest-free transfers will immediately start charging interest on new purchases, rather than providing an interest-free period on these transactions as well. Worse still, any repayment you make will initially reduce the interest-free balance, allowing the debt on new purchases to grow. This could result in larger interest bills than before the transfer.