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Do you have a 0 percent credit card? Always know your benefits

It seems that New Jersey residents are being offered all kinds of enticing benefits from credit card companies. Many of those benefits include tempting 0 percent introductory interest rates. However, it is important to realize that these cards are not for everybody, and if you do decide to take advantage of a 0 percent offer, you need to know exactly what you are getting into.

A lot of credit cards offer 0 percent interest rates on balance transfers. This can entice the customer of one credit card to move his or her balance over to a new one. However consumers need to remember that these 0 percent rates are only temporary, and they will usually disappear after six months or a year. Once they disappear, the interest rates can be exorbitantly expensive. If the balance is not then immediately paid off, the benefits of having a year of zero interest will quickly disappear, and it could actually end up costing consumers more.

When consumers take advantage of a 0 percent offer, they need to create a plan to pay off the debt before the expiration of the 0 percent offer. Furthermore, they need to have the discipline and dedication to stick to that plan. If the plan is followed to the letter, a 0 percent deal can save the consumer a great deal of money — If it is not, well, consumers can get into a world of debt.

Did you get attracted to a credit card because of a 0 percent interest deal, and now you are in over your head with high interest rates? If you are drowning in credit card debt, a Toms River, New Jersey, bankruptcy attorney may be able to help.

Source: The Street, "Here's How to Handle 0% APR Credit Card Offers," Rebecca McClay, accessed Feb. 19, 2016

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.