In the controversial world of credit cards, people of all ages are lured into cards with high interest rates. All the while, these innocent people are blinded by the fact that they are able to spend money that they cannot rightfully afford; and are expected to pay back more than they borrowed.
In today’s society, it is easy to get caught up in a whirl-wind of credit card debt. According to NerdWallet “The average U.S. household with debt carries $15,762 in credit card debt and $130,922 in total debt.”
A balance transfer is done to lower or remove the interest you pay on your credit card debt. For example, if you made a purchase of $4,000 on a credit card with a 16% interest rate, to be paid over 12 months, you would be paying $640 dollars in interest alone throughout that time frame.