7 Balance of Account Transfer Pitfalls to Avoid

If you are overwhelmed by your credit card debt, you might consider balance of account transfer. A recovering economy, 0% credit card offers and rising levels of credit card debts provide an ideal landscape for balance of account transfer. Actually, an ideal balance of account transfer deal can save an average household that has a credit card debt of $7,126.

Since 2013, the costs of balance of transfer have dropped by 13%. Currently, transferring a $5,000 balance costs $326 on average. This balance is usually paid off over a period of 24 months. Nevertheless, lack of understanding by consumers prevents them from taking advantage of savings that balance of account transfer brings along. 

However, an ideal candidate for a balance of account transfer is a person that is serious and ready to pay off debt. It’s also an individual that has a clear plan on how to pay off debt within the provided grace period. If you think you are that person, read on to learn pitfalls that you need to avoid.

1.     Failure to look for 0% on purchases and balance transfers

Some people make this terrible mistake when it comes to balance of account transfers. There are cards that offer consumers 0% on balance transfers without offering the same on subsequent purchases. Additionally, they require consumers to pay off the amount of balance transfer first thereby leaving new, higher interest rate fees buried underneath. For instance, if a customer transfers $10,000 and charge $15 on a new card for a beautiful dress, their payments moves towards $10,000 first. However, $15 accumulates an interest fee at an outrageously high interest rate.

2.     Failure to consider the transfer fee

It’s important to always read fine prints when completing a balance of account transfer. Some credit card companies seduce consumers with low interest rates while charging them a balance of account transfer fee. Normally, this fee amounts to a specific percentage of the transferred balance. For instance, a 5% fee on a balance of $5,000 is $250. That means you will notice a sudden growth in your credit card debt even before you use the new credit card. Clearly, factoring in this fee means you may not have sufficient credit on the new card for transferring the balance.

3.     Not considering your credit score

On average, your debts’ lifespan accounts for 15% of your credit score. This implies that closing an old credit card and transferring its balance to another card slashes the average length of the history of your account. Carrying high balances on credit cards does not make sense as well since 30% of the overall score is dependent on the account balances. Low balances on numerous cards provide high level of utilization on a new card when debt is transferred to one card. With a low credit score, borrowing is more expensive. Thus, you might end up paying more when you take out another loan in the future.

4.     Not keeping in touch with reality

Some people fail to consider the reality or their situations when doing a balance of account transfer. For a person that is struggling to pay the minimum amount or one that is carrying huge debts, balance of account transfer may not be the ideal solution. Shifting obligations to another account won’t fix the real financial problems. In fact, this can plunge you into more problems if lenders and creditors suspect or realize that managing finances is a problem to you.

5.     Not planning

In most cases, interest rates increase significantly after the provided grace period or promotional period. Failure to plan usually trips up many people than anything else. If you fail to pay off the balance within this period, you will not benefit from the balance of account transfer. It’s therefore important to plan how you will pay off the debt within the intro period, mostly 24 months, or end up paying an outrageously high interest rate, which can be up to 21.75% p.a.

6.     Not being choosy

Just because a credit card company offers you a teaser rate doesn’t mean that this rate is guaranteed. It’s therefore important that you ensure the 0% rate offer remains 0% when you receive the card. It’s also crucial that you shop around to get a credit card that for instance does not have an annual fee. Also consider perks like fraud liability and cash-back plans coverage.

7.     Overspending on a new card

In some cases, consumers try to earn more rewards by spending on their new cards. Unfortunately, this beats the purpose of balance transfer, which is to get everything paid off faster.

Generally, balance of account transfer can help in reducing debts. However, it’s important that you think it through, weigh the available options and be disciplined on paying off the balance.

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How Student Housing Is Growing and the Projections

In 2016, the student housing industry continued to grow in terms of annual rent. This has been the trend for the last 10 years during which the inventory has grown by 56.3%. This trend will most likely continue in 2017 since the National Center for Education Statistics projects an increase in students’ enrollment by 2.2% in 2017. 

Top markets for student housing 

The University of Maryland, Louisiana State University, University of Arkansas, University of Tennessee, University of Florida and Texas A&M University are currently the top markets for student housing. AXIOMetrics notes that in 2016/2017 academic year, student housing stood at 60.1% compared to the previous year when it was 55.5%. This clearly indicates a significant growth in the student housing industry. 

However, the National Center for Education Statistics notes that students’ enrollment will most likely decline between 2018 and 2020. Over the last 3 years, there has been a decrease in occupancy rates. By December 2016, there were about 15,400 units being constructed across the country. This is about 4.3% of the current inventor. Therefore, if these units will be completed in 2017, there will be an increase in student housing units’ supply. This will affect the annual rent negatively. 

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5 Tips for Starting a Healthy Habit and Change Your Life

The choices that you make every day have a significant influence on your health. Your habits will most likely determine whether you will maintain vitality as you grow older or develop a disabling condition like high blood pressure. Perhaps, you know what you need to live a happier, healthier life. Maybe, inertia is your biggest hurdle.

Changing an ingrained habit is never easy. However, when you follow tips for starting a healthy habit, you significantly improve your odds for success. Here are tips that will help you in enacting a healthy change regardless of the challenges that you face in your efforts to do so.

Start small

Perhaps, you want to start exercising. Maybe you want to start cooking your own meals so that you can be certain of what you eat. Regardless of your goal, don’t go all in immediately. Instead, start small and work gradually towards the change that you want to achieve. For instance, if you want to start eating better so that you can feel better about yourself, you can start by reducing your sugar consumption little by little. You can also start a new activity every month. That way, you will enhance your odds for success than when you go all in at once.

Set a measurable goal

Set a goal that fits you. Make sure that the goal enables you to evaluate your progress. You will most likely succeed when you set priorities that compel you to work harder. However, make sure that your goal is realistic and attainable. Consider how you will reach the goal that you set. Additionally, automate it as much as possible while ensuring that it involves the most important healthy habits. For instance, highlight the importance of taking enough rest. If your goal is to eat healthy every day, make sure that you will never have an option of not eating a healthy meal.

Start today

When it comes to your health, you should never procrastinate. Make time for your health because your future is largely dependent on it. Therefore, if you decide to exercise every day, respect the schedule and make it regular. Engage in realistic and comfortable activities. Set a pace that feels right for you. If unsure of anything, ask an expert.

Prepare your own meals and eat at home

Are you addicted to fast food? Do you feel bad about it? Then you need to start eating at home. Take time to prepare your own food to ensure that you know what exactly you eat. For instance, choose natural foods instead of processed foods. Make sure that half of your plate is covered by vegetables. Eat foods that help you lower your sugar intake. Some changes may seem simple but they can make a big nutritional difference. Therefore, make changes like choosing healthy fats like canola oil and olive oil as well as drinking homemade vegetables or fruits juices even if they seem minor.

Get professional help

You can never win some battles alone. That’s the case when it comes to changing your habits and nourishing yourself. It’s therefore important that you follow tips on healthier eating habits and getting active. Use resources like health-related books and websites. Follow exercise routines by health experts. You will agree that you can find a healthy routine out there with details of regular exercises and how to prepare and eat healthy foods.

By following these tips for starting a healthy habit and change your life, you will find doing cool things possible regardless of how much you have let yourself stray. Therefore, take the first step towards changing your life today. After all, you deserve the change because it’s your future that is at stake here.

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