Lifetime balance transfers ‘offer debt relief’
Lifetime credit card balance transfers offer a reliable form of debt relief, it has been claimed.
Sainsbury’s Bank head of credit cards Donald MacLeod suggests that the product could be useful for consumers looking to consolidate their debts.
And he adds that there is no reason to presume that obtaining such a credit card is a precursor to future spending.
“The thing with a balance transfer is that you have a debt already,” Mr MacLeod explains.
“If you have debt already and you want to restructure it to make it more flexible and guarantee you can pay it, a lifetime balance transfer can increase that opportunity.”
He suggests that a long-term interest rate can add security to an individual’s financial situation by guaranteeing their repayments.
In this way, consumers could find it easier to plan their debt elimination strategy.
Expert assistance could help to identify further sources of debt relief for those facing immediate financial difficulty.
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