(InvestigateTV) Consumers typically pay 3-5% in fees on a credit card balance transfer, according to Bankrate, but those fees might be worth the cost to some consumers.
Leslie Tayne, a debt relief attorney with 25 years experience, said balance transfers could be a great opportunity to reduce interest rates.
Those looking for a balance transfer opportunity should ask themselves why they want to transfer the balance first, according to Tayne. This question is essential in determining if it is the right financial tool for them.
A balance transfer card is just that, its a financial tool to help you achieve financial goals, Tayne explained. One of them would be to pay off your debt sooner and reduce the interest. However, because of the fee…
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