Re: Are 0% Apr Credit Cards a Magic Debt Solution?
They can be a "magic bullet". I'm paying off my debt using 0% offers and what it saves me in interest is amazing! I have a set amount that goes to debt repayment each month that I make, periord. If I can do more, great, but I have a minimum that I send in, and it's not the minimum the CC offers, either! I won't have it paid off when it expires in July, so I will have to do another transfer to another 0% card at that time. But with the second offer I should have the whole thing paid off before it expires.
But I can also see how they would get some people into more trouble than they started with. You feel like you've got some breathing room, and you begin to charge up again just like you used to, espeically on those cards that have 0% interest on BOTH balance transfers and new purchases. Since it's 0%, you feel justified in not paying off your new purchases, to say nothing of not paying anything towards your balance transfer. Before you know it, you in even more debt when "the juice" starts running when the 0% offer expires.
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