Need advice re: balance transfer
Find a Conversation
Need advice re: balance transfer
| Wed, 01-21-2009 - 2:47pm |
I need some advice regarding a balance transfer offer. First of all,
| Wed, 01-21-2009 - 2:47pm |
I need some advice regarding a balance transfer offer. First of all,
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info
When I have done money transfers I have only done life of the loan because stuff happens. I try
It is only a good move to take advantage of a balance transfer if you are transferring to a card with a zero balance. If you take advantage of the offer and there is an existing balance on the card, they will continue to charge you compounded daily interest on the existing balance, and they will never apply your payments to that balance until you pay off the lower APR. It's a fantastic trap they've devised to allow themselves to add more and more to your debt every day.
Balance transfers can be a *great* tool - if used properly. Unfortunately the #1 rule of using balance transfers is that the card be at zero balance to begin with.
Danni
cl-phocid, Debt Support Group
All my best,
Danni
Sarah
http://marilynmonroeshop.info
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info
I'm not the one to ask the hard math questions...I was an English major. :) I chose to pay my debt down based on lowest to highest balances, ignoring the interest rates. That way, I cleared a few cards quickly, and then started rolling balances to the cleared cards. It just worked out best for us.
Hopefully others on the board may know of a calculator that will guide you! I know it has something to do with figuring out the daily interest and then putting it into a compounding calculator for, say 270 days (9 months).
Best of luck!
Danni
cl-phocid, Debt Support Group
All my best,
Danni
Sarah
http://finallyasurveysitethatpays.blogspot.com/
Sarah
http://marilynmonroeshop.info