Jury’s Still Out on Balance Transfer Day

Facebook users are at it again. This time it is a community effort to get people to ditch their high interest rate credit cards and find local credit unions and banks that offer 0% interest for a specific amount of time. December 11th was “officially” Balance Transfer day.

Although this sounds like a great idea, it may be difficult for some Americans. Many of the banks offering the initial 0% APR on a balance transfer are the same ones the Facebook users are trying to get people to move away from. Also, in order to get that 0% interest and open a new credit card in this economy, good credit is a must. This seems to be more and more difficult for many Americans.

Source: http://moneyland.time.com/2011/12/05/will-balance-transfer-day-get-americans-to-ditch-their-high-apr-credit-cards/

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