Credit cards are a convenient way to pay for just about anything, from clothes, to fuel, to groceries or even utilities. But that convenience comes at a price. These days, high credit card interest rates have many people struggling to make their monthly payments. When they run into trouble, many consumers look for credit card debt relief through various means.
One of the most common and most popular ways to reduce credit card payments is to take advantage of special lower rate credit card offers and transfer the balances from other cards to the new, lower rate card. While this may seem like a great idea on the surface, consumers need to be very careful when looking for credit card debt relief through credit card balance transfers.
So what should you look out for? In many cases, that exciting super-low credit card rate may be what is known in the credit card business as a “teaser rate”. A teaser rate is an interest rate that is offered for only a limited amount of time. This means that at some point in the future, your great new low rate is going to expire. When that happens, a new higher rate could be imposed on your outstanding credit card balance....
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