Beaverton Bankruptcy: Balance Transfers and Bankruptcy

Moving money from one card with a high interest rate to another one with a lower interest rate is known as a balance transfer and is one way consumers in Oregon can accidentally get into trouble while attempting to get out of financial trouble.  Trying to restructure your own debt can often times get you into more debt instead of relieve your credit card debt. 

  • Most of the larger financial institiuations in Oregon; offer a balance transfer program.  Here are some red flags to consider:
  • The lower interest rate is typically only temporary (perhaps 6-12 months). When the term is up, so is the rate!
  • Most have strict terms and if you deviate from any term at any time (even for a late payment), your rate can jump to as high as 29%!
  • New purchases usually do not fall under the lower interest rate.  In other words, the low interest rate applies to the balance that you transferred, but any new purchases will accrue a higher interest rate.  Watch for new laws to deter this, but just know it is a factor.
  • Balance transfer fees – watch out as sometimes the cost of the transfer greatly outweighs the cost of the interest payment(s).

You may have noted that a balance transfer course of action is not as ideal as it looks at first glance. Always consider speaking to a qualified Oregon bankruptcy attorney so they can best discuss your options, including the pros and cons of bankruptcy and bankruptcy alternatives.  

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