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