Since its inception in August of 2007, more than 22,000 guests of Smart Balance Transfers have left our site with new, 0% balance transfer credit cards.  Most of these cards provided guests with 0% interest rates for 1 year.  And because of these deals, it is quite possible that consumers have saved a mind-blowing $9,885,695 during the past three and a half years.

This estimate of nearly ten million dollars in savings is based on the assumption that the average visitor transferred $3,000 from a credit card with a 14% interest rate.  Because we do not collect data on individual visitors, these figures were used as modest estimates. 

If, for example, the average interest rate were increased by 1%, guest savings skyrockets above ten million dollars.  The numbers get even crazier when the average balance transfer amount is increased.  If guests only transferred half of the average household credit card debt, around $4,000, these Smart Balance Transfers visitors would have saved close to thirteen million dollars.  Yes, THIRTEEN MILLION.

Balance transfers are an extremely effective tool for people with good credit who currently carry balances on their credit cards.  With a 0% balance transfer, consumers pay a small balance transfer fee, then get up to 15 months to pay down their credit card debt without mounting interest charges.  The money that would otherwise be wasted on interest can then be used to reduce the principal portion of the debt.  By doing so, a person can often reduce the time it takes to get out debt by 30% in just one year.

Doing balance transfers is easy and it is baffling why more people do not take advantage of these offers.  Perhaps it is a lack of understanding; perhaps it is a fear of facing up to credit card debt.  Regardless of the reason, opting not to take advantage of 0% balance transfers can prove costly.  Just think of what this site’s visitors could be doing with the nine million to thirteen million they have saved in the past few years.  And then join them.

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