Credit-card balance transfers can get you no- or low-interest money. Just be sure to save enough to pay back the credit-card balance transfer.
With the average consumer thousands of dollars in debt, it's easy to assume that very little short of a turbo-charged economic recovery will significantly improve someone's financial situation. But help could be available from an unlikely source: a credit card.
Eight of the largest credit card issuers allow you to transfer your auto loan balance to a credit card in order to score a lower interest rate. Seven of them enable transfers from mortgages, student loans, small business loans, home equity lines of credit, and more, according to a recent CardHub.com study. We’re not just talking about a marginally lower rate.
A number of cards offer interest-free introductory periods that last a year or more. If used strategically, these zero-percent balance transfer promotions?? could save you as much as $1,000 while expediting debt freedom. (Compare balance transfer credit cards at Card Hub.)