Debt in Ireland is increasing as the credit crunch continues to wreak havoc on the economy. The economy in Ireland has seen a slowdown in credit card applications as well as in other credit areas. In fact many are not taking out new mortgages or loans for fear of the credit crunches affects. The property values on many homes are also being affected by the lack of cheap loans on the market. Most Irish residents are having trouble coming up with payments and this is not just due to the less affluent neighbourhoods. Practically everyone is seeing the effects, which is why the debt advice companies are urging the comparison of credit cards.
These companies want to help the individuals in Ireland get out from under debt. One step in getting out of the debt is managing it with a budget as well as better means. Credit Cards that you may have in your wallet right now could be costing you more than 15.9 percent in interest on the 2000 Euro balances you carry.
Several banks are offering a way out of this high interest rate debt; however it does require a bit of comparison shopping. When consumers comparison shop it is important to look at the annual percentage rate, but more than that it is important to view the balance transfer rates along with the terms and conditions.
AIB is offering a 3.9 percent balance transfer rate for 12 months. After this rate has ended there is a 15 percent interest rate. American Express is offering 9.9 percent for 6 months. First Active has one of the best options at the moment with zero percent interest for nine months on balance transfers. If you are a consumer in debt these cards could help alleviate some of the cost you are seeing.
Most pay out an average of 500 Euros or more in a year to their credit cards for interest. That is a very high amount when you consider the savings you could make. The balance transfer options are not without cost. The bank requires a transfer fee of 3 percent. In comparison shopping a consumer may find a little lower than this, but generally it is an average percentage.
The deals are not the only things the cards have going for them. There are also the rewards programmes consumers can take advantage of after they pay down their debts. The rewards are loyalty options for favourite sports teams or helping out the counties in Ireland.
MBNA is one of the biggest supporters of charities and donations for Ireland. The donations don’t even come from the consumer pocket, but the credit card company. To combat debt it is important to view all the options and make the right choice. Changing cards every few months isn’t going to help the credit score aspect of the debt situation even though it helps to get the cards paid down a little faster. The debt management advice is also free in getting you out of the worst of the debt.
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