Should I Balance Transfer My Credit Card? 7 Terrible Mistakes People Make

credit card junkie book

By Beverly Harzog, author of Confessions of a Credit Junkie

If you’re in credit card debt and you’re paying a lot of interest expense, you probably feel like you’ll never be free of the debt. Hey, I know that feeling. I’ve lived with debt and it’s truly awful. It’s also very depressing to see the effects of compound interest. You keep making payments, but a lot of it just pays for the interest you’re accruing. And your balance never seems to get any smaller.

Well, if you still have good credit, you have an option that could save you a lot of money. You can transfer your debt from a high-interest credit card to a credit card with a zero percent intro

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2 Responses to Should I Balance Transfer My Credit Card? 7 Terrible Mistakes People Make

  1. Pingback: PF Weekly Grab a Brew #51: Money, my best friend and Boxing Day - Canadian Budget Binder

  2. Gailete says:

    I takes great discipline to make this work and good enough credit to even get a card that will allow you do this because people swamped in credit card debt over many cards, don’t usually get offers like that. Instead most of their card rates are at 20% if not way higher. At one point due to some exceptional circumstances, we allowed our son to use our zero balance card to get rid of his high interest cards, and get a chance to whittle his debt down. Once they got it down to a certain place, they took the balance back onto their own cards. It was something we could do for him to help him get back on his feet. Like I said this was an exceptional circumstance that he got into this fix in the first place. It did help, but I think most people with lots of credit card debt have to be very disciplines (and they have pretty much proved that they aren’t) to make this work.

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