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Date Published : Thursday, April 17, 2008
If you are caught in your own credit crunch because you don't pay off your credit card in full each month, it's time to look at how you could do things differently.
Many of the large banks and credit card companies often charge up to 15 per cent for cards - with offers fluctuating as a result of the current uncertainty in the global markets - making it hard for people with debt problems to get a hold of their finances.
According to the Sydney Morning Herald, the best way to sort out your own personal credit crunch is to shop around and undergo a credit card comparison.
Low interest credit cards enable people who struggle to keep up with monthly payments to stay on top of their finances.
The publication's Debra Cleveland wrote: "A few years ago your choices would have been reasonably limited, with many balance transfer deals offering the first six or so months at zero interest and then reverting to the card's standard interest rate.
"Now, however, there are broadly two choices. You can still get zero per cent deals for six to 12 months but if you think you need longer to pay off the debt you may prefer to opt for what's called a life balance transfer."
A number of low balance transfer credit cards are on the market. For example, the HSBC low interest rate credit card gives customers zero per cent on balance transfers until January 2009, with a 55-day interest free period on purchases and no annual fee for the first year.
Compare credit card rates.
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