The interest rates of personal loans have skyrocketed in the last ten or more years. According to Anna Jay, author of “Out with the Loans, In with the 0% Cards”, Money Facts reported an average 12.7 percent interest on personal loans.
The more affordable and practical option individuals may take are credit card offers with zero percent interest, which is applicable for balance transfers and even on purchases for an introductory period.
Credit card issuers such as Barclay’s offer up to a year of zero interest or longer and up to as long as twenty months for cardholders who have outstanding balances transferred to their Barclaycard Platinum Credit Card.
In today’s economy, where inexpensive financing carries a premium, zero interest credit cards can be a lifesaver.