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Lifetime balance transfer deals `could help debtors`
10/08/2007
Those who want to pay off their credit card debt as quickly as possible may benefit from a lifetime balance transfer deal, it has been suggested.
People who are looking to take advantage of this method of clearing debt should look for the "lowest interest rate you can to try and clear it as quickly as you can", according to Susan Hannums, savings manager at AWD Chase De Vere.
"Sometimes, if you know you`re not going to pay the balance for longer than six to 12 months, it might pay you to get a lifetime balance transfer card and you may not have to pay a fee - which is always a bonus," she commented.
In related news, consumers who are looking to take advantage of zero per cent transfer deals have been encouraged to watch out for related fees.
According to This is Money, banks made £240 million from such fees in 2006, while many who switched cards to save money "were unaware" they would be charged.
