The United States has always been a nation of homeowners, and this will not change. These days, about three-quarters of American families, own their homes. Credit cards were introduced mainly to make it easy for the working class to pay their bills and make necessary purchases. As time passed, credit cards became as important as paper money. Those who were able to manage their finances properly were able to establish a good credit standing and were only as creditworthy as they paid their monthly bills.

Financial institutions realized that credit-worthy individuals were serious about paying but were unable to completely pay their bills. Banks realized that they could offer this type of credit to those whose income was higher than normal. Those with good credit received privileges such as lower interest rates, higher spending limits, and other perks that went along with proper and healthy credit.

The problem, however, is that some individuals were abusing these privileges and so over the years they began to compromise them. People began paying one bill to be struck from their list. In order to maintain their good credit and to keep their credit cards, they kept spending beyond their means.

This kind of overspending is what brought about the financial crisis that has bothered the country since 2008. Lots of corporations and banks realized they were going into bad loans, but they were also aware that there was a critical need in order for consumers to establish a good track record so they could qualify for loans in the future. This was a serious problem and so credit card companies began offering balance transfer plans so anybody who wanted to establish good credit history could save thousands of dollars on interest that they were paying each month.

This was a great idea and so many consumers took advantage of these types of plans. They knew that they needed to stay within their means in order to make it through the next month without having to make troublesome payments. This is how people began to abuse the system once again and yet many individuals did not realize that this was not the smartest way to spend money. While transferring debt from one credit card to another is an option, consumers need to understand that the introductory rates only lasted for a limited period of time.

This is where the true daddy of balance transfer advice should be taken: Settle your credit card debt. This means that you need to work at paying off the entire balance of what you owe. This should be done as fast as possible and it is best if you can secure help. There are many debt counselors who specialize in this area and they are often able to provide valuable assistance. Many failed transactions are no problem once you are able to get help, but you want to make sure if you end up in this situation that you are able to get yourself back on track.

If you are worried about the financial aspects of this debt relief option, you need to forego it and just pay the minimum monthly payments and learn to budget yourself. Only execute this plan if you can afford to pay double the minimum payment because you would be wise to pay off your card in the fastest time possible.

Credit consolidation and the best balance transfer credit cards are great options but they do not properly address the problem of overspending. Remember that paying off a large balance is often easier than the process of starting over debt-free. The wise spender uses these cards to finance larger purchases. The key to using balance transfer credit cards is to use them in the correct way and to never fall into another debt trap ever again.