Is it very easy to get into Debt with Credit Cards? Do 0% Cards help?

Most experts agree that the average consumer can easily fall into debt by using credit cards. They are great to have, but hard to control. It’s very easy to charge lots of small items throughout the month, figuring that since they aren’t that much you will be able to pay the balance off. But the problem is that most of us underestimate the amount we charge on our credit cards. Our society makes it easy to charge anything from a coffee to new furniture. The credit card companies bank on our inadequacy to deal with our finances. When the bill comes at the end of the month, we are usually awe-struck to see the total of what we charged. Many times, we cannot pay anything more than the minimum payment. Some financial advisors say that carrying a charge card balance is like financial suicide. You should only charge the amount you can pay off in total at the end of the month.

0% credit cards can help, but only if use them properly and stick to a budget. First, make sure that you only use the cards to help get yourself out of debt. Use the card for balance transfers only and don’t charge anything new on it. Some cards offer 0% on new purchases as well as transfer balances, however, if you want to get out of debt you can’t make any new purchases on your card.

Make sure that you make monthly payments towards the balance. The goal is to be out of debt by the end of the interest-free period. If you find you need more time, you should either get another 0% credit card or ask for an extension. Many credit card companies will grant an extension, some up to a full year!

Finally, if you are having trouble getting out of debt you may need the advice of a good financial planner. They can help you make a budget and figure out some options to help you decrease your debt.

Eligibility for offers for 0% credit cards usually (but not always) depend on the credit score of the applicant. If you have a high credit rating, you're much more likely to qualify. It's worth applying, though, because usually they'll offer you a low-interest credit card even if you don't apply for the zero-interest offer.

Some of the top no interest credit cards offered in the UK include Citi Platinum Select Card, which offers 0% APR on balance transfers and purchases for a period of 12 months. They offer ?0 liability on unauthorized purchases and do not charge any annual fee. The 0% card has a regular APR of 10.74%. Chase Platinum Credit Card, too, offers 0% credit cards for 12 months or for 3 months, depending on the credit history of the applicant.

Blue from American Express features a 0% introductory APR up to 15 months and charges no yearly fee. The card's regular APR is about 11.74% and applicants do not have to have an exceptional credit record in order to get this credit offer.

There is also Blue Cash from American Express, which offers 5% cash back on all qualified purchases. This offer for their 0% credit cards is for six months and they do not charge an annual fee.

With Value Miles Platinum Visa Card, (a frequent flier credit card), the card holder can earn one value mile for every dollar spent. With 24,000 miles you earn can get an airline ticket for any nearby destination. They also do not charge yearly fees and the 0% interest applies to the first 12 months.

HSBC Platinum Master Card offers 12 months of 0% APR and it benefits include unlimited purchase protection and insurance for travel accidents. Their regular APR is 10.74%.

Citi Diamond Preferred Rewards Card offers a ?50 gift card and for every ?1 spent on purchases in drugstores, supermarkets and gas stations can card holders get 5 reward points and 1 point for every other purchase. Of a similar type is the GM Flexible Earnings Card, which offers 0% introductory APR for a year which presents a full one-percent cash back choice, otherwise the cardholder can choose a one-percent earnings towards any new GM vehicle.

Other companies that offer 0% credit cards also include Starbucks Duetto Visa for six months and Northwest Airlines- WorldPerks Visa Platinum Card, which has a credit line up to ?7,500 and a 15,000 miles annual WorldPerks travel reduction. The Northwest card does charge an annual fee of ?55, though.