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What you need to know about 0-interest credit cards

If you are like many Floridians, you have probably received an offer in the mail for a 0-interest credit card, and you may have found that offer appealing. Before you sign on the dotted line, however, keep in mind that credit card companies are there to make a buck, and they rarely act in a customer's best interest. At the law office of Kingcade Garcia McMaken, we have a firm understanding of how credit card companies operate, and we have assisted many clients who have fallen behind on their credit card payments or otherwise found themselves facing seemingly insurmountable debt.

Essentially, per Nerd Wallet, 0-interest credit cards allow you to make purchases without paying interest on them, but there are several catches. First, the 0-interest period does not last forever. Once it ends, you can expect to have to pay interest on the entire balance you have accrued, so ultimately, the decision of whether getting one is in your best interest (no pun intended) depends on your spending habits.

If you are someone who consistently pays off your credit card balance in full every month, you might be a good candidate for this type of card. If, however, you keep accruing a higher balance and are struggling to pay it in its entirety, you may want to reconsider.

Additionally, once your 0-interest period ends, you may find yourself with a card with a very high interest rate. Furthermore, you typically still must make minimum monthly payments when you have a 0-interest credit card, and if you do not, you may lose those no-interest privileges and end up paying a high interest rate. Ultimately, unless you have complete faith in your ability to pay off your balance in full each month, you should probably avoid 0-interest credit card offers. If they sound too good to be true, they just might be. More about what to do when debt becomes overwhelming is available on our web page.

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