SOURCE: Smart Balance Transfers

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September 21, 2010 06:00 ET

Hidden Credit Card Debt: SmartBalanceTransfers.com Explains How High Interest Impacts Your Savings

STAMFORD, CT--(Marketwire - September 21, 2010) -  SmartBalanceTransfers.com, a website that allows visitors to find the best credit card balance transfer offers, is warning consumers of the dangers of high credit card interest and how it can affect their overall wealth and savings.

"One reason credit card debt has become such a critical problem in America is a lack of education concerning interest rates and how high interest can impact savings," said Jeff Weber, President and CEO of Smart Balance Transfers. "Many credit card holders often end up paying more in interest fees and charges than the original amount charged to their credit card."

For instance, a credit card holder with a debt of $10,000 at a 15% interest rate who pays a minimum payment of $200 per month toward the debt will take nearly seven years to pay off the total amount, and will pay $5,800 in interest.

One way to eliminate credit card debt that works for many credit card holders is to transfer their balance using a 0 APR balance transfer offer. Balance transfer credit card offers are available from most credit card issuers and many have special introductory rates as low as 0%.

"A balance transfer with a one year 0% interest rate could help you pay off your credit card a lot sooner, and significantly lower the amount you pay in interest," said Weber. "The same credit card holder with a debt of $10,000 and a 15% interest rate, who transfers his balance to a 0% interest rate for one year making that same $200 a month payment, and whose rate then returns to 15%, will have his debt paid off four years sooner and will save $3,000 in interest."

SmartBalanceTransfers.com helps consumers compare a wide variety of 0% APR balance transfer credit card offers from leading banks in order to save the most money possible when they transfer a balance online.

To view the best and longest balance transfer credit card offers currently available, please visit www.SmartBalanceTransfers.com.

To read more on this topic, visit: http://www.smartbalancetransfers.com/hidden-credit-card-debt/.

About Smart Balance Transfers:

SmartBalanceTransfers.com provides visitors with a balance transfer calculator, informational articles and the targeted information necessary to maximize the savings that can be reaped with a balance transfer credit card.

Contact Information

  • Contact:

    Jeff Weber
    203-651-9739