Lowering credit card debt?

I have approx $3000 in credit card debt. I%26#039;d like to be able to combine that payments and get a lower interest rate. I applied for a credit card with 0% interest for the first year on purchases and transfers. If I transfer my balances to this card with no interest, I%26#039;ll be able to pay off half of my debt. Even with a 19.99% interest rate after the first year, I%26#039;ll be paying less in interest. Is this a good way to lower my credit card debt?

Lowering credit card debt?

Yes, it wont be a bad idea. It would be awesome if u can pay off 3000 within a year so u dont have to pay 19.99 interest or more as i consider this rate is variable.

Doing the transfer, dont forget the credit card compaines charge transaction fee which could be upto 3%.

and if u transfer 3000 then u would get charge $90.

As i think you r paying way over 20% APR. It would be worth paying off.

Good Luck

Lowering credit card debt?

Be sure to read the fine print, they may offer you 0% intrest but they still may charge you a transfer fee of 2 to 3%. That is very standard with most offers. I suggest if you do the transfer%26#039;s, use the new card for transfers only and no new purchases. If you keep making purchases on the card it will be hard to get it paid off in time and defeat the reason you did it in the first place. Just put the card away so you won%26#039;;t be tempted to use it.

Lowering credit card debt?

If you get approved for that one year 0% interest rate credit card and the credit limit is enough to cover the $3,000 and have ability to leave some available credit (just in case for any fee incurred), and this credit card has no annual fee and the transfer fee is less than the interest you were paying out on the %26quot;old/orginal%26quot; credit card account. Go for it!! BUT DON%26#039;T CHARGE ANYTHING ELSE ON THE OTHER CREDIT CARD (OR THIS NEW ONE). Good luck!

Lowering credit card debt?

Check to see if there%26#039;s a %26quot;balance transfer fee%26quot;. If there is, you%26#039;ll pay more in fees than in the interest on the other card.

Teaser rates are a great trap that the banks have invented.

Cut your interest rate for a couple of months, so you transfer the debt. Then, you%26#039;ll go back to the other card to buy more stuff.

Soon, that teaser rate has enticed you to double your debts.

READ MY LIPS, NO NEW CREDIT CARDS.

Lowering credit card debt?

Yes, but be sure to close the account you surf away from so you aren%26#039;t tempted to run the balance back up. Many times people consolidate and then run the card right back up, leaving them two significant debts.

The Frugal Dad

http://frugaldad.com