The global crisis has just hit your state, and as you watch co-workers and friends lose their jobs and worse, their homes, you feel guilty. You cringe at the fact that despite the financial threat you had been in good shape. The difficult times have been good to you, and the only worry that burdens you is the need to keep tabs on your numerous credit cards, as well as corresponding interest rates that go with them.

Of course you do not need all those credit cards in your wallet. The economic meltdown has greatly affected the whole world that everyone is scrimping and saving up on their last buck, including you. While it is impossibly far off that you would have to sell the golden locks of your hair for a few dollars, it is best to wisely manage your finances early on.

Even the glamorous and extravagant Hollywood celebrities are pressured into observing simplicity in the meantime, as recent red carpet events have revealed, using jewelry among most stars have been toned down. If Hollywood could give up its bling, you could very well do the same thing and give up excess plastic you do not need for the sake of tightening your financial belt. Giving up your credit cards and settling down with just one is the wisest thing to do in these trying economic times.

How to Pick “The One”

There is no great and guarded secret in choosing which credit card is best to settle with, except for one cardinal rule: look for card offers with 0 APR balance transfer. This temporary scheme is usually offered as a promotional privilege that is good for only a short period of time. The 0 APR balance transfer scheme works by allowing card holders to take their money or their debt from one card and transfer it to another card without being charged for doing the transaction.  Through this clever strategy, the consumer is spared from the obligation of paying the high rates prescribed by his or her old company. It also gives the card holder the ability to pay all of the debts he or she incurred.

Knowing about ingenious funds management schemes such as balance transfers is essential to the modern individual, especially when credit cards today play an important role in managing households, businesses, and institutions.

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