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Remember
seeing
promotional
offers
on
Credit
Card
Balance
transfers?
They
looked
like
this:
Get
an
unbelievable
0%
Balance
Transfer*
WOW
isn't
this
a
great
deal?
Yes
of
course!
Usually
such
0%
interest
lasted
for
the
promotional
period
of
about
3-6
months.
The
system
of
balance
transfer
allows
a
credit
card
holder
to
transfer
the
balance
on
his
existing
card
to
another
card
and
enjoy
the
0%
interest
period.
This
was
a
great
offer
for
those
who
could
now
purchase
and
repay
without
paying
a
single
penny
as
interest.
The
loophole
in
this
system
was
that
consumers
could
jump
similar
cards
by
transferring
balances
after
having
used
the
promotional
period
and
thus
avoid
payment
of
interest.
To
plug
this
hole,
credit
card
companies
started
charging
fees
for
balance
transfers.
This
virtually
killed
the
concept
of
0%
balance
transfer.
The
interest
payment
if
now
replaced
with
transfer
fees
and
¡§other
fees¡¨.
Credit
card
companies
introduced
this
to
cover
their
costs.
Penalties
on
such
cards
are
high
and
issuing
fees
on
such
cards
are
higher
than
normal
cards.
What
you
MUST
watch
out
if
for
the
interest
rate
after
the
promotional
period.
This
could
be
a
bomb
waiting
to
explode
as
this
post
promotional
rate
is
normally
higher
than
a
regular
card.
So
is
a
balance
transfer
a
bad
choice?
Why
should
I
transfer
it
from
a
regular
card?
It
is
an
effective
method
of
saving
on
interest,
if
your
credit
card
balance
is
fairly
high.
The
issuing
fees
and
balance
transfer
fees
would
then
be
negligible
compared
to
the
savings
on
interest.
After
the
promotional
period
you
must
be
able
to
pay
your
dues
on
time
as
penalties
and
interest
on
unpaid
balances
could
be
exorbitant.
To
avoid
this,
you
could
look
at
transferring
the
balance
again
to
another
card
at
the
end
of
the
promotional
period.
Always
work
out
the
savings
on
interest
and
make
sure
you
read
up
the
credit
card
contract
for
hidden
fees.
The
hidden
fees
usually
ruin
all
your
calculations
on
savings.
For
those
with
a
lower
balance,
we
recommend
you
not
to
transfer
the
balance
to
another
card.
You
would
be
better
of
paying
the
interest
on
the
regular
card.
The
concept
of
0%
should
not
more
mislead
you.
If
you
have
small
balances
on
multiple
cards,
then
you
could
consolidate
this
into
one
card
by
transferring
the
balance.
But
make
sure
you
don¡¦t
transfer
the
balance
again
after
the
promotional
period.
The
whole
idea
of
the
transfer
in
this
case
is
to
save
on
interest,
so
work
out
your
financials
and
pay
up
on
time
to
make
your
balance
transfer
a
smooth
and
fruitful
one.
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This is a great book on financial fitness for those struggling in the money area - but also emcompasses some great ideas for those of us who thought we were relatively fiscally fit and smart about money. Everyone will learn something - Great read - great book - apply the principals and we won't have the economic issues we have in the US today!
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Another Great book to add to all of his others. I find it a great insperation to those of use on the hard road and looking to turn their lives around. Great lessons on what your bankers see as assests and liabilites. A great idea that comes to mind from his book is when he tells us "to get richer buy a car". Use the things in life that we want to drive us to the goals we need to achieve those things.
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Average Customer Rating: 4.5
Review (rating: 5):
Scott writes in a straightforward, common sense style that includes many good tips and advice on how to regain control over out-of-control credit card debt. The best thing he always points out is be willing, in fact, enthused about talking to your credit card people. They are there to help. They are there to help YOU find a way to reign things in and get it back to a manageable amount. Don't be afraid. Be open, ask questions, show your willingness to admit the problem exists and that you are honest, hardworking, and ready to make a good effort to get any problems taken care of as soon as you can. You can get a lot of interest reduced, and some fees waived if you are willing to talk about your problem and show good faith toward resolving it.
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