People struggling with high rates of interest on a personal loan could benefit from using a credit card to pay off some of their balance, one expert has claimed.
Writing for Fool.co.uk, Serena Cowdy explains that some credit cards offer money transfers which allow people to borrow a certain amount of cash, often at with no interest charge.
She said: "This means you could use the money that's been transferred into your bank account to pay off the debts that are charging you interest."
However, people should be aware that this zero per cent period will not last forever and must make sure that they do not get charged a high rate of interest when the offer ends, Ms Cowdy warned.
Last week, a study by Fair Investment Company found that a zero per cent deal is the most important factor for people looking to take out a new credit card .
News Side
Credit cards can help with other debts, expert claims
Mon, 02 Jun 2008
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