Transfer balances????
Find a Conversation
Transfer balances????
| Sat, 02-18-2006 - 9:47pm |
I'm curious is this a good thing or bad thing to do? I keep getting cc stuff in the mail about open this card and get 0% interest for 1 year or whatever. I'm tempted to open an account transfer my balances and only have 1 card to pay off at 0% but is there a catch? Is this not a good thing to do? ANyone have any thoughts or experience? I would open the new card and cancel the cards that I transferred the balances and I am VERY committed to NOT using ccs at all anymore. My other option is to take out a home equity loan. We have about $8,000-$9,000 in CC debt, a mortgage for about $85,000 on a $120,000.00 house and no car loans and I'd like to get the CC debt paid off by the end of the year if possible. Any suggestions?



Generally speaking, there's not a problem, per se, trying to chase a 0% offer.
All my best,
Danni
I sure wouldn't ever suggest that you transfer the credit card balances to a home equity loan or second mortgage. The credit cards are UNSECURED which means your home is not in danger if you cannot make the payments. Don't make the credit card balances secured by tranferring them to a home equity loan, that puts your home at risk.
Good luck with all of this.
Megan
Great question :)
Hi,
I'm new to the board, but thought I'd just jump in on this one.
As long as you are going to pay off the credit card and NOT continue using the others, these credit offers are a good deal. (Make sure it's a $0 fee to do the BT and not a feed-credit card.)
Another option is to call your current companies and see if any of them will give you a deal on BT. If you tell them that X company will do so, a lot of them will match.
Finally, destroy your other credit cards if you want, but don't close the accounts in favor of a new one. Part of your credit rating is based on duration, so you want some longer-term credit cards on your record. (I've kept one that I opened in college, that has no points/miles/cash-back/anything simply because I've had it the longest.)
HTH,
giJ
Pam
Proud sister of a Marine: