[USER]

I have $9500 in CC debt that I am trying to pay off on top of student loans and a car payment. I used to put money towards student loans but then recently discovered my interested rate is extremely high on my CC in comparison to my car/student loans.

Every time I think i’m making a dent, the interest starts adding up again.

I already have a second job and really want to be diligent in paying it off.

Can someone explain to me if transferring my balance to a 0% interest APR Card would be a good idea and how I can calculate how many months I need to actually pay off the CC?

I am new to budgeting and am following Dave Ramsey. I just want to make sure I don’t screw myself in the future…

Also, if I don’t pay it off at the end of the term, can I transfer it again to another 0% interest card so I don’t get the whole amount of interest?

[Tiffany]

Everytime you transfer to another card there is a fee, usually like 3% of what you’re transferring.

You will not be paying interest during the promotional period, but if you don’t pay it off by the date you get hit with all the interest from the date of transfer.

Could you open another card and play the game again?

Perhaps but you may not get another offer since you had a recent card opening.

[Melissa]

When I transferred to a zero balance American Express card, I was told I couldn’t transfer it again.

[Sarah]

A 0% interest most times has a 3% or 5% fee for the transfer but is normally.less than what your paying currently. Nerdwallet can compare cards for you.

The cards give you promotional periods like 18 months, 24 months ect and that’s the period you won’t pay interest in.

So, if it’s 18 months at 9500 you would need to do 527.78 a month to pay before the 0% expires. 24 months would be 395.84 until the 0% expires

[Jessi]

Just consolidate, close the account, take the hit and start over with a better card

[Dexter]

That’s what I do. Just jump around to different 0% cards until I pay it off.

[Kortney]

I just refinanced my student loan with SoFi and they offered me a lost interest rate for a personal loan to consolidate cc debt.

I took both offers.

I shaved off 5 years on my student loan with the offer and with have personal loan payed off in 3 which was a low monthly fixed rate.

Hope this helps.

[Author]

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