You are thinking about making a balance transfer from one credit card to another credit card. The goal of this may be to lower your over all interest rates, lower your monthly payments or to reduce the number of lenders that you have in order to keep your finances more organized. These are all great reasons to consider getting a balance transfer. However, the final decisions about whether to complete a balance transfer transaction, which balances to transfer and which card to make the transfer to can all be a little bit confusing. You may be interested in seeking advice from someone who can clearly explain to you what a balance transfer is, how to do it and things to be cautious of when making a balance transfer.
But who should you talk to about this? The key to determining who you might want to talk to about a balance transfer is to ask yourself whether the people you are considering discussing this meet two basic criteria. First, is this someone that you feel comfortable having a conversation about money with and someone who isn’t going to be cruel, self-interested or demeaning when you ask them about the balance transfer. And second, is this someone that has the financial savvy to give you sound advice, good information and some answers about the balance transfer questions that you have.
In order to find the right people to talk to about this issue, you should brainstorm a list of all of the people that you are considering getting advice from about the balance transfer. This would include self-interested professionals such as the customer service representatives from the credit card companies that you may want to transfer balances to and from. It would include unbiased professionals such as financial advisors. And it would include personal contacts such as friends, co-workers and family members. Once you have your list, organize it into those people that meet criteria one (above) and those who meet criteria two. Cross out everyone that doesn’t meet both criteria and see who you have left. Then list the pros and cons of talking with those people about the balance transfer. (For example, the financial advisor meets both criteria but has the con of being someone you have to pay for advice). This should result in a small number of people that you can get advice from regarding the balance transfer questions you have.
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