How long will the introductory interest rate last? Generally these low APRs are only applicable for an introductory period between 6 and 12 months. After this time, the interest will often be far higher than the rate on your previous card. If you can’t pay off the full balance during the trial period, you’d probably find an Atlanta bankruptcy lawyer can help you far more.
What are the rules for the low rate? Many card offers include a number of rules that can make balance transfers even less viable. If you find that you periodically are late with your credit card payments, you’d better skip the balance transfer or you may find yourself battling an astronomical interest rate the first time you fall behind. In other cases, the company may require you to make new purchases on the card every month, which will make your debts increase even further. When you contact an Atlanta bankruptcy attorney to discuss Chapter 7 or 13, you can help put an end to your debts once and all rather than jumping through hoops to meet these requirements.
Is there a balance transfer fee? Most balance transfers charge a fee of at least 3% on the money you transfer. In most cases, this ends up costing more than you save with the lowered APR.
