[Keilen]

I’ve been unable to work for almost two years due to Covid complications, awaiting ssdi hearing. I have 18k in credit card debt on one card. My other cards send me 0% for 12 months balance transfer offers (I’d have to use two different cards), does this sound like a good idea? At least I’d have a year without the massive interest accruing. I’ve never done balance transfers as prior to this period of time I’ve never carried a balance.

(The 18k has been living expenses, bills, child support, the cost of raising three girls.)

[Dillon]

Sorry for your medical complications.

Just be aware that if the full balance isn’t paid in full at the end of the intro period, the normal interest rate (probably in the 20-30% range) gets retroactively applied to the original / full amount. Also there is often a balance transfer fee to move the debt to the new card.

[Tom]

It could be an interest saving option. The only real fix is to analyze how you accrued so much debt and see if there are ways you can minimize that in the future.

[Suzanne]

I have done this multiple times when I was in a jam and it worked out perfectly for me. I always hit Off and it save me a lot of money in interest.

Only do it if you’re sure you’re not gonna start charging again and only do it for as much as you feel you can pay off before the promotional 0% expires?

[Kate]

Caution. I’ve don’t this it can be a bad cycle. I learned not to transfer more than I can promise to fully pay off in 9 months.

And I continue to pay the minimum on the largest and slowly chip away.

[Author]

Posts