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Is a no-interest credit card right for you?

Making several credit card payments each month in Oregon may stretch your budget so thin, you do not have room for anything but the minimum amounts on each. However, with high interest rates, your balances go down extremely slowly. According to, many people consolidate debt with a 0 percent interest credit card offer. However, not all offers are the same, and going this route may leave you in worse shape if you are not careful.

Even though there may not be any interest on the balance, there may be a fee on the transfer based on a percentage of the amount you are moving to the card. Moving a large debt from a card with a moderate interest rate could end up costing more through a transfer fee than you would have paid in interest had you left it in place.

The no-interest period varies from card to card, so you need to find out if you have six months or three years to pay off your debt interest free. At the end of the time, if you still have a balance, the annual percentage rate kicks in. There may also be annual fees and other factors to consider.

No matter how good your intentions, you may have to resist the temptation to use the card, or one of the accounts that has the newly zeroed balance. Otherwise, this could easily turn the solution into a bigger problem. This information is for educational purposes only. It should not be interpreted as legal advice.

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