Credit card jumping has become a common practice. The term refers to the habit of moving debt balances from card to card to take advantage of preferential rates. But just how worthwhile is jumping for consumers?
UK consumers have staggering levels of debt. Consumer borrowing has grown by more than 50% in five years. It's no wonder that people are looking for new ways to ease the debt burden. jumping offers one possible solution.
Money Saving Device
People who are carrying large amounts of debt can save hundreds of pounds in interest simply by taking advantage of the latest balance transfer deals. Many of these offer a 0% interest rate for a fixed period, such as three, six, nine or even 12 months.
As well as transferring balances from other credit cards to a 0% credit card, consumers are sometimes able to transfer balances from store cards and even outstanding loan amounts. It is worth checking to see if these transactions also benefit from the 0% balance transfer rate.
Transferring a balance to a 0% means that any payments made are paying off the principal rather than the interest. This reduces the amount owed, which is good news for those using this as a debt management method.
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