Are Balance Transfers Worth It? Pros & Cons

Are balance transfers worth it? They can be in some situations, but it depends on how you handle them. So if you’re thinking of doing a balance transfer, there are things you need to know first.

(If you’re not already familiar with them, you can find out more about what balance transfers are here.)

Don’t do a balance transfer unless you fully understand them, including their pros and cons. Because they may or may not be worth it, and there’s a bit of a catch.

So how do you tell if balance transfers are worth it when you’re paying off debt? Start by reviewing some of the pros and cons.
Read more

What Are Balance Transfers?

Balance transfers are a type of offer from credit card companies, banks, or credit unions. They let you move debt from one account to another.

Usually balance transfers are used to move high interest credit card debt to a new, low interest credit card. But they can also be used to move other types of loans and debt to a credit card.

They also can be a way to consolidate multiple debts without taking out a debt consolidation loan.
Read more

Debt Management Program Pros and Cons

Thinking of using a debt management plan? It’s smart to look into debt management program pros and cons first. You’ve got to know what you may be getting into, and what to avoid.

Because like everything else, there are advantages and disadvantages to debt management plans.

So let’s go over the benefits of using one first.
Read more

Do Debt Management Programs Affect Your Credit?

Do debt management programs affect your credit? The short answer is yes, they can. But the longer answer is that it depends on the details.

Tell someone you’re signing up for a DMP, and they’ll probably tell you not to because it will make your credit worse. But that may or may not be true.

What happens while you’re in the program and what your credit is like now both make a difference.
Read more