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Bankruptcy: Knowing the possible risks of a balance transfer

Upon experiencing extended periods of financial strain, individuals in Ohio may wish to seek advice on all their available options for debt relief. In some cases, the pursuit of relief could lead some to consider transferring their outstanding balances to a new credit card account with promotional interest rates. While a balance transfer could be helpful in certain scenarios, in some cases it may only prove a temporary solution while bankruptcy might be just the tool with which to seek a healthier financial future.

Transferring balances on high interest rate accounts to accounts with periods of lesser or no interest may seem favorable under any circumstance. However, there might be some potential downsides to a similar option. For instance, there could be fees associated with moving a balance to the new account and the introductory rates associated with the account typically only run for a short period of time.

Should a person fail to bring down the balance on the new account before a promotion ends, he or she may end up in a similar situation as before. In addition, opening multiple credit card accounts may also have an unfavorable impact on one's credit score and eligibility for other promotional offers. As such, options such as a balance transfer run the potential risk of only acting as a temporary fix to an ongoing issue.

Dealing with debt can be a daunting experience and with a multitude of options to seek relief, choosing a path can be intimidating at times. Those who wish to gain insight on all the available options for relief and their potential outcomes could benefit from speaking with a bankruptcy attorney early on for advice. An attorney in Ohio can examine a client's financial situation and assist him or her in forming a strategy to pursue debt relief through the proper methods.

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