Best Credit Cards for High Debt According to Consumer Reports

by San Antonio Attorney

The banks continue to send consumers a lot of credit card offers with attractive rewards, low interest, and cash-back offers. This is according to Consumer Reports’ analysis of 50 cards, which includes those that are beneficial to consumers who cannot afford to pay back their credit card debt.

For those consumers, the Consumer Reports suggests transferring of balances to credit cards with lower interest rate. There are credit card companies that offer very low rates, even zero interest, for balance transfer. However, Consumer Reports warns individuals to carefully examine the terms as there can be a great deal of difference from card to card. Typically, there is a 3% to 4% upfront fee for a balance transfer, and the low or zero percent interest rate is only for the duration of 12 to 18 months.

Chase Slate card is beneficial for those can settle their credit card balance immediately, according to Consumer Reports. They offer zero interest for the period of 15 months without transfer fees for 2 months.

However, for those who cannot make the quick payments, the better option is to obtain a credit card that has a low, fixed interest rate.

Consumer Reports said that PenFed Promise is a good option for that. It has a 4.99 percent APR on balance transfers made before the year ends and zero transfer fee. To avail the card, a membership fee of $15 is required.

For monthly bill payments, Consumer Reports recommends a credit card that offers cash back or rewards. A good option is American Express Blue Cash Preferred. By paying the annual feed, the card holder can avail 6% back at supermarkets, 3% back at department stores and on gas, and 1% back everywhere else.

 

-  There are different types of bankruptcy available to address different levels of debt and circumstances of debtors. You may have the option to restructure your debts obligations and pay back your creditors, or discharge all of your debt without repaying them. However, there are requirements that you should meet to file a certain type of bankruptcy. A San Antonio Bankruptcy lawyer can tell you the filing requirements of each type of bankruptcy.

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