- Determine when a balance transfer is helpful
- Balance transfers help keep track of debt
- Carefully consider whether your should transfer debts
The holidays are over and many of us are left feeling more than a little strapped for cash. Don’t let your good cheer and giving spirit become the cause of anxiety this holiday season. Balance transfers are an easy and effective way to repay your holiday debt. Learn more about debt transfers with MNFCU.
What is a Balance Transfer?
Let’s start with the basics. A balance transfer is a type of debt consolidation that allows you to take your debt and transfer it to another card or account with a low interest rate. This is helpful if you’ve accumulated a lot of debt and need a little help paying it off.
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How to Take Advantage of Balance Transfers
Balance transfers can be extremely helpful when paying down debt. This form of debt repayment can help whether you have one worrisome account or multiple. If you struggle to keep track of repayment due dates, you can transfer multiple balances to one location, giving you only one payment to worry about.
Things to Keep in Mind When Transferring Balances
Balance transfers can be helpful, but they aren’t for everyone. Here are a few things to consider before making the switch.
- Credit score – low credit scores can make applying for balance transfers difficult.
- Transfer fees – balance transfers often include a fee. Factor this in when calculating interest rates and savings.
- Time – some low interest rates offered by balance transfers are not permanent. If the interest rate doesn’t last long enough to pay off your debt, consider other options.
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Balance Transfer Your Holiday Debt at Metro North at 5.99%, Today!
If your post-holiday debt is burdening you, consider a balance transfer at Metro North Federal Credit Union. MNFCU is now offering a balance transfer with rates as low as 5.99%! Contact us or give us a call at 855-443-5995 to see if a balance transfer is right for you!