Transferring balances to possibly save money

[amarowsky]

My mom currently has $1800.00 on her Discover card at a APR of 28.99% and minimum payments of $37 dollars.

I was talking to her, and because our family is feeling a bit of a squeeze financially (because she' recently got laid off). My credit card currently has a $8000.00 limit. On my card (on which i do not charge anymore) I have $1500, at 10.24% apr. I was wondering if the balance transfer wasnt too high, if My mom and I should Put her full balance on my card because it is nearly 1/3'rd the APR of her's.

Also my minimum payments are like $20 right now, and I can easily afford her payments as well and she will be paying her amount.

Or does someone have a better idea, like possibly opening a new card that has 0 apr for a year, so While it's kind of tight we could bypass paying the extra money for the compounded interest.

Any feedback, opinion, or suggestions would be great

thank you guys.

[asmom]

Very bad idea. I know it's your mother but do you really want to assume her debt? First of all, your APR is not that great; you should really concentrate on paying that off. You should really be shopping for something with a low or 0% APR for both of you, hopefully with no balance transfer fee although those are hard to come by with the current credit squeeze.

[amarowsky]

it doesnt bother me assuming her debt really. Because she is unemployed currently I have been giving her the majority of my bi weekly checks to cover my share of the bills and for her to use the remainder to pay her own bills that encompass her and my older brother.

I was thinking bout finding another card with a 12 month 0% rate, but even if i didnt and I had a decent price for the balance transfer fee, I would be roughly saving 18% if i put the balance of her's on mine. Seeing as were limited to paying off a certain amount at a time, it seems like that would still be beneficial.

[MaskedMarvel]

yeah go for the another card that has 0% or get a loan to pay off the debts. Just be careful. Have you also considered lowering you monthly expenses?

[Joan.of.the.Arch]

I have never heard of the ability to transfer the balance from someone else's card onto your own. Maybe you could use one of those checks CC companies like to send, but they are at higher interest anyway. Also when you have a higher balance on your card, the minimum payment is going to go up. Do you know if the $37 will cover how much it will go up?

[sjohnson2]

My thoughts is ........... Absolutely do the transfer. And look into finding an even lower rate because I know they are out there. If you can help a family member out in a way that you can handle .... the answer is always, 'yes'. If it's going to mess you up, then it's something to think about, but it sounds like it would work fine for you in this situation.
Best of Luck .......... Sam

[amarowsky]

I think it sounds like the best idea right now to transfer her debt. because i am living with my mom cuz im still in school and working full time, and If i can lower the rate it's essentially lowering our money. I say this because we pool our money because of her unemployment currently and even though she pays the majority of the bills, I would gladly give any extra money I have after each check towards our (my brother, mom and I's) bills.

[maat55]

My guess is that your mothers balance will have to be paid with a cash advance that will charge interest even though you are getting 0% on your transfer.

Getting the 0% card is a good idea, but it may only work for your balance. Whatever you do, you should cut your spending and be aggressive about paying off your debt.