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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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Is balance transfer a good option for major credit card debt?

When spending outweighs income, it can lead to serious financial crisis. Many people in Louisiana are currently knee-deep in credit card debt, but they are definitely not alone in their struggle as thousands of consumers throughout the nation can relate. In fact, available data shows the average household in the United States likely carries more than $15,000 in credit debt.

Not every situation has arisen due to needless spending, although some say that is the root cause of their own financial woes. Others have been hit with unexpected medical bills or expenses in urgent situations that they were completely unprepared to meet. There are also those who lost their jobs and started using their credit cards to help meet basic living needs, such as buying groceries or putting gasoline in their cars.

Some say balance transfer cards can benefit people who have debt piling up on several credit cards. Typically, the way it works is that the balance from the card with the highest interest rate gets transferred to a lower interest card. Since many people pay nearly $1,000 per year in credit card interest, balance transfer may help save money in the long run.

There is a definite risk involved in this type of credit card debt relief, however. If someone transfers a balance but continues to add new debt to the card, he or she may wind up facing an even worse financial crisis than the one that existed before the transfer. An experienced Louisiana debt relief attorney can provide support and guidance to anyone in this state currently facing legal problems because of substantial debt.

Source: CNBC, "If you have debt, one credit card trick can save you thousands," Johathan Blumberg, Dec. 14, 2017

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