Drowning In Credit Card Debt?

Posted on July 7, 2008. Filed under: -- Credit Cards and YOU, -- Investing | Tags: , , |


By Molly Greaves

If you have multiple cards with high interest rates, consider transferring your balance to a card with a low interest rate. I hate to say it, but it’s a smart move if you’re drowning in debt since it can reduce your debt costs. 

Before you transfer your balance to a  new account, ask what the “real” rate will be after your introductory rate expires. This is where a lot of people get sucked in, so don’t let yourself be “that guy.” You think it’s low, and then it skyrockets on you and then you’re going to be stuck trying to transfer again. Don’t start that cycle.

Also, see how much your old company is going to charge you for the transfer since they most likely will have some sort of fee.

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