Paying off debt is easier with balance transfer offers, but they might be running out.
In times of economic uncertainty, lending becomes riskier and creditors tighten their purse strings. The current recession, announced by the National Bureau of Economic Research (NBER) just months after the COVID-19 outbreak was declared a global pandemic, is no different.
While we haven’t seen massive shifts in lending yet, there have been notable changes. In particular, credit card issuers seem to be pulling back on balance transfer promotions. Some popular credit cards have dropped their balance transfer offers altogether, and many of the best balance transfer offers have shortened promotional periods. Meanwhile, standards to qualify for a balance transfer offer are rising.
If you’re facing an outstanding balance on your credit card and think a balance transfer to pay off debt could help, you might not be out of luck. Here’s what you need to