Credit Card Balance Transfer: Worth It or Not?
Posted by Lynnae on July 19, 2007
If you're new here, you may want to find out more about me. Also, please consider subscribing via RSS or email. Thanks for visiting!
We have credit card debt of $2000 on a 0% APR MasterCard. The APR is set to go up to 13.99% next month. My dilemma. Do I got to CreditCards.com and hunt down another 0% APR card and transfer the balance?
The pros: I won’t have to pay interest, and thus will be able to pay off my debt faster.
The cons: My credit score will take a hit. It’s a pain to fill out the application and transfer the balance.
We aren’t looking to buy a house or car in the near future. I think our credit score will recover before we need it for anything. I think we’ll do it. I hate paying interest.
If you enjoyed this post, make sure you subscribe to my RSS feed!
You Might Also Like
- My Credit Cards are Frozen!
- I participated in my first Carnival!
- You Tell Me: Is it better to get rid of the cards or keep them?
Comments
3 Responses to “Credit Card Balance Transfer: Worth It or Not?”
Trackbacks
Leave a Reply
Subscribe! It's Free!
Categories
Blogrolls
Resources
Being Frugal's Policies
I am not a financial expert. I'm just a wife and mom doing the best I can to live a frugal life and get out of debt. Like any human, I make mistakes. I write this blog out of my own experiences, and nothing I write should be taken as expert advice. If you need financial advice, please consult a professional.
Disclosure, Comment, Link Exchange, and Privacy PoliciesLinks
The Best of Being Frugal
What I'm Reading
More Links
This is what we did– we transferred everything to one card as part of a motivation to get out of the debt. It’d probably bad to keep moving it, though interest is terrible!
Do it with an eye towards not doing it again!
Thanks. I think that’s what we’re going to do. And I definitely never plan on having to transfer my balance again. After this is paid off, I never plan on even having a balance again!
I’ll second that. Even though 13.99% isn’t a bad rate for a credit card, 0% is infinitely better. Definitely do the transfer and don’t look back.
Once it’s paid off ( interest free ) you’ll be banking all that extra money every month. No reason to give more to the bank than you need to.