Since the banks and finance providers have been castigated for the way they seemingly indiscriminately awarded credit to people who could ill afford it, the chances of being accepted for loans and credit cards have decreased.
Concurrently, there is a greater focus on individual's being aware of how credit works and what their financial behaviors means in terms of a credit score and history.
Why Balance Transfers Are So Readily Available
What is a balance transfer?
Why are they so attractive right now?
Why balance transfer offers are not a get out of jail free card
You can adversely affect your credit score
If you apply for multiple credit cards or respond to a number of balance transfer offers in a short period of time, there is a significant impact on your credit score.
There are fees involved
The APR after the initial offer period is high
What not to use balance transfers for
Do not use it as an excuse simply to get another credit cardIf you are transferring a balance the temptation is there to keep the original credit card thereby increasing the availability of the credit at your disposal. This is a definite no-no unless you can absolutely afford the repayments on all of your cards
Do not use balance transfers as a way to avoid paying your debt.The attraction of balance transfer offers does actually promote a way of carrying the debt; instead of paying off the debt you merely transfer it from one card to another and repeat after each introductory rate expires