Being Realistic

You may have made financial plans in the past but have been unable to stick to them. Although this is no reason for not trying again, it would be unwise to expect to be able to repay your balance by the end the transfer period, unless you have a very well mapped out financial game plan.

If, like most people, you do not feel you will be able to repay the balance on your credit card, then there are four options at the end of the balance transfer period:

•  Do nothing when the balance transfer period ends- This is what the card issuers want you to do. Find out why this is the worst option.

•  Transfer balances again after 6 months - Transfer again to a new credit card with a o% APR balance transfer offer, or transfer funds back to your old credit card. Can this work forever?

•  Consolidate all your debts into one single loan - Read why it is important to select the right loan provider if you take this option.

•  Increase monthly repayments to pay off the credit card balance - This may work if you have already made significant progress towards getting your credit card debt levels down.