0 APR Credit Cards and Credit Card Debt

Ray Cunningham

I think many people in the United States and indeed, many countries throughout the world, particularly in the West, are guilty of spending beyond their means. Doubly so, when they come into possession o those innocent looking pieces of plastic, called "credit cards", whether an 0 apr credit card, or any others.

Debit cards, are of course, much safer, because as soon as your bank account is empty - no more credit!

One of the most tragic cases I have heard about, of course, there have been many, but this one concerned a gentleman who was the owner of an art gallery. This poor fellow should never have been in that business, as he knew nothing about store management and his employees robbed him cruelly, as he was a trusting soul.

It was inevitable that he eventually would go bankrupt and he did, for the grand sum of $150,000 plus. Most of that was credit card debt, as he owned a bunch of gold credit cards. One day, I personally watched him transfer $7,000 into his business by taking it from several of his cards. That way lay madness! And of course the result was inevitable in the end. He lost everything, including his wife and all of his erstwhile, 'high maintenance' and shallow, 'friends'.

Therefore, I respectfully, but strongly suggest, that you should be looking, very carefully at the number of credit card you have and the debts you have so far managed to build up. Some people have 20, or 30 credit cards and many of these have been maxed out.

Certainly credit cards are great in an emergency , or when confronted with an unexpected expense. Obviously, it is easier and far more sensible, say, when pumping gas in a blizzard in New Hampshire, to swipe a credit card, than it is to go into the office and write out a check, or pay cash.

Also, it is much more sensible to purchase airline tickets, etc, with a credit card, than it is to pay for such expenses by check, or cash. Anyway, try bying your airline tickets with cash, nowadays and you might find yourself having a chat with the FBI or Treasury Department fellows. Believe me, it has happened! Using a credit card for travel is much more sensible than paying by cash or check, because if the travel agent, or airline goes bust, you won't lose your money, as it is the responsibility of the credit card company to issue a refund, should something like that occur. It is their responsibility to check out the merchant to protect the credit card holder.

Let's face it, the credit-card companies are out to make a profit and that's all they are interested in. Certainly not your welfare. I'm sure the letterbox is often filled with offers for 0 apr cent credit cards. Ah yes! An "0 APR credit card", has a nice ring to it and many of us have listened to the sirens call; been tempted and fallen.

0 APR credit card is a phrase that those credit-card companies know you love to hear. Therein lies the danger! Those innocent looking a little cards start out life in such a benign way, but soon, like the gremlins in the film, start to show their sinister side and you are suddenly paying through the nose, because the APR has risen to astronomical heights annually and you find yourself spending a lot more than anticipated on the interest rates each month.

Most of us probably claim that we will be paying off the balance each month and certainly have the best intentions of doing just that. But how many of us actually do pay off the balance in its entirety, each and every month? I would hazard a pretty safe guess and say, "very few". The intent is there, but the will power is lacking. That is exactly what the credit card companies are betting you will do and they would be right.

You'll find that these 0 APR credit cards are offered on balance transfers and that's about all. If you can actually find a 0 APR credit-card which may be used for balance transfers and purchases, then you might have sstruck gold!

Of course, the credit-card companie's have bright boffins working for them in the back rooms. These people know and bank on the fact that you would use the 0 APR credit card to pay off high-interest credit cards and transfer some to the 0 APR credit card. This is fine initially, but remember, the 0 APR credit card is often only a 0 APR credit card for one year, or perhaps even less. You will, no doubt, have planned to pay off the transferred money within the one year, but things rarely work out that way. We find ourselves adding purchases to that same 0 APR credit card and find, to our shock and horror, that the purchase interest rate is invariably very much higher. Perhaps even 20%, or more.

Frankly I've never seen a credit card that offers an zero interest for a whole year, on purchases. They're interested in making their money from the interest and that's why the same deal for purchases is not offered.

Well, I hope this short article has helped you somewhat and not confused you further. It is a difficult, and complicated subject, as 0 APR credit cards can be of great use if used wisely. Research it further. You may wish do an internet search, perhaps on the Google search engine, for the 0 APR credit cards. Although, if you ask them for further information, you will also have to wade through their sales pitch.

Alternatively, try to obtain the advice from some independent source. If you have an accountant, then this would be an obvious source of information.

I invite you to visit me at my website. This article will be there, together with a couple of other suggested ebooks which you may wish to grab, through my link. Read through them and/or listen to them. They sound like excellent products, but remember, every case is different and you would have to do your own research and not rely on mine. Do your own due dilligence. What is suitable in my case may be quite unsuitable in yours.

I have also included something new, to try. It is a way into eBay, through my web site and is quite fascinating, the way it works. I have also included some more articles, for your interest and elucidation.

Also popped in a few Adsense ads, which may give you a few extra clues. You'll find most of these in the left-hand column on my website. The links will be found in the author's resource box, directly beneath this article. If my article, helps you to save, either a small amount, or very large amount, of interest on your, so called, 0 APR credit cards, then I shall have succeeded in my task and that knowledge, alone, will make me very happy.

Cheers,

Ray Cunningham.

The writer, Ray Cunningham lives in central Florida. To learn much more about: Credit Secrets Bible! , go here: http://shmyl.com/fxnnson "The Best Selling Credit Repair Package." go here: http://shmyl.com/gxnnson then to his web site, "0 APR Credit Cards", for the complete story, at: http://raygc.com/0aprcreditcards This article may be used, free of charge, as long as it remains intact and this resource box is always included.

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