Can A Balance Transfer Credit Card Help You With Debt Consolidation?

By Joseph Kenny

It is not hard to have credit cards maxed out before you know it. Soon, though, the bills calling for payment on those things you bought begins to take its toll on your available funds. Before you know it, it may be next to impossible, almost, to catch up on your bills. Another credit card, however, may be just what you need to be able to give yourself a handle on your debt. In fact, a new balance transfer credit card may be just what you need to consolidate your debts.

Balance transfer credit cards enable you to transfer debt that you already have on one card to another one. As an introductory offer, many credit card companies that offer this type of credit card provide special deals on this type of transaction. Good balance transfer credit cards will offer you 0% APR interest for up to 15 months. This means that you pay no interest charges on the amounts you transfer to it.

The advantage here is obvious. Instead of continuing to pay a high interest on your credit cards, which actually reduces your payment toward the principal, a new card saves you money. You pay no interest for awhile, so all of your payment goes to reduce the principal on your old bill – unless you have added other purchases to the credit card.

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Debt consolidation on this kind of credit card makes a lot of sense – especially if you take care not to max out your credit cards again. There should be some new restraint on those other credit cards – destroying some of them would probably be better for most people.

A balance transfer credit card is great for consolidating smaller debts onto one card. Look over the offers carefully, however, because some of these cards have fees for the transfers – up to 4%. You also need to know that some cards do not allow you to transfer any debt to them after you get it. All transfer amounts need to be listed on the application, in those cases.

The introductory offer will vary too, in some situations, so you need to pay careful attention. Sometimes the balance transfer portion of the special introductory offer is only for three months, and the other features of the same offer may apply for one year. This will take some careful reading on your part to make sure you get what you think you are getting. Obviously, only three months of 0% APR interest will help – but not much because it is so short.

Debt consolidation with one of these credit cards gives you some time to catch up on your bills. Be careful, however, to make sure you pay your bills on this new card on time. Some of these lenders, when you make just one late payment – or not a minimum payment, will take away the introductory offer rates and may give you an interest rate up to 29%! Needless to say – that won’t help you reduce your debt!

About the Author: Joe Kenny writes for the Credit Card Guide, visit to compare credit cards in the UK, or the UK Loan Store to consolidate my debts Visit today: Credit Cards UK


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Putin’s state-of-the-nation speech addresses the economy

Tuesday, April 26, 2005

Russian President Vladimir Putin spoke live on state television Monday in his annual state-of-the-nation address using high ideological rhetoric when calling on lawmakers and the public to strengthen democracy and the rule of law. His 50 minute address from the Kremlin’s Marble Hall only briefly touched on the “epidemic of collapse” , a reference to upheavals in Chechnya, Kyrgyzstan and the Ukraine, which was “a real drama” stranding millions of Russians beyond the borders of the Russian Federation.

Brushing off what was probably taken as criticism during last week’s visit by Condoleezza Rice who commented the Kremlin ran a “managed democracy”, Putin stressed that “Russia … will decide for itself the pace, terms and conditions of moving towards democracy.”

Putin was critical of the lack of progress in implementing his reform proposals. Calling for a crackdown on corruption, where treatment by tax inspectors are “terrorizing business”, he addressed concerns of the business community by condemning a series of back-tax bills like the ones that dismembered Yukos and face other major Russian corporations.

He was also critical of a bureaucratic attitudes that treat “state service as some type of business”. He made clear the need for investment must be met by “rules of the game” that are consistent, saying “Russia is certainly interested in the inflow of private investments on a large scale, including foreign investments. It is our strategic choice and our strategic approach.”

Putin called for proposals to index wages to inflation over the next two years, and for the introduction of a flat 13% tax on undeclared earnings in the shadow economy, a slice that represents nearly 35% of the nation’s economy, by legalizing what was previously defined as illegal income.

Putin supports the development of a strong state system with determination for Russia to avoid the disarray that led to the collapse of the Soviet Union. Saying, “First and foremost it is worth acknowledging that the demise of the Soviet Union was the greatest geopolitical catastrophe of the century.” He sees the need for strengthening the legal system and the political environment to assure a more just society in avoiding a replay of a Russian downfall.

On politics, he pointedly abandoned the much-used ‘stability’ catch phrase of the bureaucracy. Putin signaled to the bureaucratic caste who are on the eve of their upcoming parliamentary and presidential elections they should promote partisanship and civil society.

By studiously avoiding too many references to business, the thrust of his address sought to reassure the small property holder class, rather than big business and other elite investors.

Michael Jackson’s Neverland Ranch to be auctioned off

Tuesday, February 26, 2008

Neverland Valley Ranch, owned by Michael Jackson, is to be sold at auction on March 19, 2008, unless Jackson pays over US$24 million.

Financial Title Company, the trustee of his Santa Barbara County, California, home and amusement park, has foreclosed on the property. They notified Jackson of the foreclosure and sale on Monday. Jackson had only just recently paid an overdue property tax bill of $600,000.

The court filing, addressed to Jackson, says, “You are in default of a deed of trust … Unless you take action to protect your property it may be sold at a public sale.” Fox News published the filing.

The foreclosure includes the ranch and all possessions on the property, inside or out.

The foreclosure auction will take place in front of the Santa Barbara County Courthouse in Santa Barbara. Jackson has until then to pay $24,525,906.61 he owes the title company.

In 2006, Jackson refinanced previous loans that had been bought up by Fortress Investment Group. The $300-million loan was secured with the aid of Sony Music Entertainment. However, the Neverland property was not part of that deal.

Jackson has not lived at Neverland since June 30, 2005, when he moved to Bahrain after a rape charge and subsequent acquittal.

Bolivian troops told to seize natural gas fields

Monday, May 1, 2006

Bolivian President Evo Morales has ordered that all foreign-owned natural gas fields be turned over to the national government of Bolivia.

President Morales signed a decree that orders troops to seize the fields “immediately” to ensure gas production. The decree also says that companies have 180 days to sign over their fields or leave the country.

The fields are owned by such companies as the United States‘ Exxon-Mobil Corporation, Brazil‘s Petroleo Brasileiro SA, Spanish-Argentine Repsol YPF SA, and Great Britain‘s BG Group PLC and BP PLC.

“The looting by the foreign companies has ended. We are not a government of mere promises, we follow through on what we propose and what the people demand. We want to ask (the Armed Forces) that starting now, they occupy all the energy fields in Bolivia along with battalions of engineers,” said Mr Morales after signing the decree.

“The time has come, the awaited day, a historic day in which Bolivia retakes absolute control of our natural resources,” added President Morales.

One of Morales’ vows in his presidential campaign was to “recover” the country’s natural resources by renationalizing them. President Morales explained, on a visit to Brazil in January, that renationalising the industry would not mean expelling foreign companies or expropriating foreign property. “Foreign companies have every right to recover investments and make profits, but profits should be balanced”.

Bolivia has the second largest supply of natural gas in South America after Venezuela.