Will a 0% credit card balance transfer solve my debt problems?

Heed this warning because once you move balances from an old credit card lender to a new credit card provider then the new lender may not support you in any proposed Individual Voluntary Arrangement, IVA or Debt Management Plan, DMP.

The reason is simple; as they have only just advanced the money as a new lender they require payment as per their agreed terms. Had you sought advice with your debts before moving to the new 0% balance transfer then the chances of your credit card company supporting any debt option would be much greater. 

Without knowing the full picture it is just irresponsible for anyone to say, ‘move your credit card balance to a 0% lender to solve your debt problems’. You have been warned!

How can I check to see if I can afford the 0% balance transfer?

Our free budget form will help you work this out.

80% of those that come to us for help with their money worries have not used a budget form, a key factor in their getting into unmanageable debt.

The DebtWizard budget form, which is free, not only helps you avoid getting into debt but if you are in debt already will quickly establish your position and predict how much your debt will increase over the next 5 years. Free budget form.

Still thinking of transfering to a 0% credit card?

If you still wish to transfer your credit card balance to another card provider at 0% interest ask yourself, ‘am I really going to get a good deal?’ In an increasingly competitive credit card market companies need to maintain their profits and they do this even with 0% balance transfers. Here, Mike Thomas head of debtwizard.com, explains the finer points of credit card deals and how to avoid the pitfalls.

The balance transfer fee