Debt Consolidation Specialists Recommend Balance Transfers

Tuesday, August 2nd, 2016

If you’re trying to get out of debt, you might be unsure of the best way to approach your problem. Not only that, but confronting your debt can be scary.

Luckily, debt reduction and consolidation experts have plenty of advice to help you out, so you’re not in it alone. A guide recently published by Allstate Debt Consolidation aims to guide folks in the process of paying off debt and starting over with a clean slate.

The first step to getting out of debt, according to the guide, is to mentally prepare yourself for a few lifestyle changes. Cutting your spending is one of the keys to getting out of debt. You’ll need to stop charging purchases to cards you’re trying to pay off, if you haven’t already done so.

The next thing to do is write down everything you owe, along with the interest rates you’re paying on each debt. That way you have a clear idea of how much you’ve got to pay off.

Next, you’ll want to make a budget. Write down what you absolutely need to spend money on: rent or mortgage, groceries, gas, car insurance, etc. Then write down what you’d like to have money for: going out to eat, taking vacations, buying new clothes, and things like that. Look at how much that adds up to and compare it with how much money you have at your disposal. If the numbers don’t match up, decide where you can cut.

Once you’ve got a budget going and you know how much debt you’ve got, you can decide how you’ll tackle it. A great thing to do is apply for a balance transfer credit card, which will allow you to pay down your debt without accruing any more interest. If you’ve got debt on more than one credit card, transfer the balance with the highest APR first. Find a card that gives you a nice long window with 0% interest on your balance.

Keep in mind that once you’ve transferred that balance to your card, you don’t want to use the card for purchases until the initial amount transferred is completely paid off. Also, you want to make sure you pay the minimum due before the due date each month. A late payment can cause you to lose your 0% APR before the promotion expires.

In addition to transferring your balance, think about bringing in more income by selling things you no longer need, getting a second job, or asking for a raise at your current job. The most important thing is to hang in there and know that you can pay off your debt, with time and patience.

Latest Balance Transfer Card News

Wednesday, December 20th, 2017
The holidays are supposed to be a joyful time, but for many, that joy is dimmed by concerns about money. Credit card debt, in particular, can cast a shadow over holiday cheer, ...
Tuesday, June 6th, 2017
More people than ever before are entering retirement while still carrying debt, according to data from the Federal Reserve Bank of New York. Debt held by people ages 60 and older ...
Tuesday, January 3rd, 2017
New budgeting tools from Bank of America will aid cardholders in staying on track with their financial goals, giving them better control over their money and offering greater ...
Friday, April 29th, 2016
If you are like most Americans, you’ve probably received at least one new credit card or debit card in the mail in the last six months—and not because you opened a new account.
Tuesday, October 27th, 2015
When shopping for a new household appliance, a flight, a hotel room, or even a pair of shoes, most people look for the best deal.
Best Credit Offer
Discover it® - 18 Month Balance Transfer Offer
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 5 / 5
Horizon Card Services Horizon Gold Credit Card
Copyright © 2001-2018 All Rights Reserved.

* The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions. makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that may be compensated by the credit card issuers when the readers apply for a credit card through this site. is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. does not review or list all available financial or credit offers.

Disclosure: Not an access card.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.