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Should you transfer your credit card debt to a no-interest card?

High interest rates on several credit cards could make it difficult to pay any of them off, particularly if you are stuck making the minimum payments on each. Getting out of debt in Florida may seem impossible at that pace, but transferring all the balances to a single card with a 0 percent interest annual percentage rate could be a solution.

According to NerdWallet.com, here are some things you should consider about credit card consolidation offers before you make your move.

Varying percentage rates

Some credit cards offer that 0 percent APR on a limited type of transactions. For example, you may not have to pay interest on your purchases, but it may cost you to transfer balances. That may defeat the entire purpose of getting the card in the first place.

Time limits

The offer generally has an end date. When you get there, whatever balance is on the card will be subject to the new rate. If your new card only allows you six months to pay off your debt before you face an even higher interest rate, you may want to reconsider.

Compliance counts

If you are struggling to come up with the money to pay your bills currently, consolidating the debt to a single card may not be enough to ensure that you make the minimum monthly payment. Many of these offers are immediately canceled if you miss the payment date by even one day, and then you are stuck with the full interest rate.

This information about no-interest credit card offers is general in nature, so it should not be interpreted as legal advice.

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