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balance transfer credit card debt

‘balance transfer credit card debt’ is a much discussed topic in the commercial and social circles. A big section of the population has been bit by this bug called ‘balance transfer credit card debt’. Can’t blame them much; as such, it’s pretty easy to fall prey to this bug.

The main reason behind so many balance transfer credit card casualties (rather balance transfer credit card debt related casualties) is that many people don’t understand the concept of balance transfer credit cards properly. They treat balance transfer credit card as free money that is never to be returned. Thus all the discipline, which would otherwise have been exercised with spending hard-earned money, goes for a toss. That means people overspend and get into balance transfer credit card debt. They keep spending till they reach the credit limit on their balance transfer credit card. Some people go to the extent of treating that like a game and consider it a defeat (or consider their balance transfer credit card under utilised) if they don’t hit the credit limit quick enough. These unnecessary spends result in a situation where they are not able to payback their balance transfer credit card bills and end up paying interest on the amount they owe. This keeps building up their balance transfer credit card debt and they soon find that the interest component has become a regular feature in their monthly expenses and it is there even if they spend nothing on their balance transfer credit card. That is balance transfer credit card debt on the prowl. Soon they find that their current balance transfer credit card can no longer handle their needs and start looking to get another balance transfer credit card. With the new power of credit, they let themselves loose again and follow a ‘shop till you drop’ routine. Soon the credit limit of the new balance transfer credit card is reached too and they again default on payments. This is how balance transfer credit card debt builds. Soon they learn about balance transfer credit card debt consolidation and other balance transfer credit card debt elimination techniques. They are quick to grab such balance transfer credit card debt reduction techniques, but that’s not because they are serious about reducing their balance transfer credit card debt but because of the attractive low APR offers. As if it were booty, they again get back to building up their balance transfer credit card debt. All the while they are spoiling their balance transfer credit card rating and they soon realise that no one is ready to lend them money because of their credit history. They can only get a secured balance transfer credit card now (where you first deposit money into your credit account and then only you get the privilege of spending it (50-100% of it) using their balance transfer credit card. balance transfer credit card debt collection agencies, auction of their goods and bankruptcy is the next thing that hits them and their dream run is blown away in a moment.

The moral of the story – “Understand the concept of balance transfer credit cards and treat balance transfer credit card debt with all seriousness”.