Debts are frustrating and many times these make the life miserable. In your purchase spree, you rigorously swipe the credit card. But, when the banks send you the demand for payment against the card, you feel the burden on your wallet. In such cases, you can look for the benefit of credit card balance transfer facility from some of the reputed banks. Jody D’Agostini, certified financial planner of AXA Advisors/The Falcon Financial Group in Morristown points out this is a unique facility which offers you a lower rate of interest. In fact, some banks even offer zero percent interest for a certain specified period.
These days banks are offering varieties of credit cards like, for example, VISA card, Master Card and Gold Card, which are packed with attractive features. Therefore, it is no wonder you would be enticed with these featured cards. Naturally, you might be having multiple cards from the same bank or from different banks. This facility of credit card balance transfer Australia wide would be available for almost all categories of cards. In such cases, you transfer the balance by aggregating the debts in all the cards.
A boon to borrowers:
The Credit Card Bureau TransUnion points out that because the banks have now started issuing credit cards on a large scale, on an average, the debt per borrower has increased from $4875 to $4965. It is further interesting to note that according to the Federal Reserve Banks of New York, during the last quarter, the outstanding balance on Credit Cards has increased from $ 8 to $668 millions! This underlines the popularity of credit cards among various sections of borrowers. At the same time, the increased outstanding balance also underlines the enormous increase in the debt of the borrowers. The credit card balance transfer has come as a boon to all these borrowers so that they can reduce their debts on the credit cards.
No more reminders:
It is no wonder that with accumulated debts on your credit card, the collecting agent of the bank makes repeated calls and sends repeated reminders on your mail. You can get rid of this embarrassing situation by availing the credit card balance transfer facility. Read more at Debt Mediators
Get the new card:
In simple terms, this transfer of balance of debt on credit cards is transferring all of your balances to new credit card. That means, the banker will consolidate the debts on all your credit cards. The bank will issue a new credit card and on your behalf clear all the outstanding balances on all your earlier cards. With that you open a new debt account with the banker.
When you consolidate debt or transfer outstanding debts on all cards to a new credit card account, you will enjoy the benefit of structured repayment schedule. Instead of making multiple payments to different credit cards you will be making one payment to the bank that has given you debt transfer facility. Further, you also enjoy the benefit of favorable interest rate. Some banks even restructure your repayment schedule to suit your convenience. In the long run, this helps you to save a considerable amount of money. For more details please visit this site HTTPS://WWW.DEBTMEDIATORS.COM.AU/CREDIT-CARD-DEBT-SOLUTIONS/BALANCE-TRANSFER/