Need Advice On CC Debit!

[sm2005]

Good Morning all! I really need to get control of my credit card debit and I need some advise... Up until 2 years ago I had paid off my credit card EVERY month. But once I bought my own place and moved out of my parents house (and now planning a wedding) things have gotten a little out of control! The debit is probably around $4k. I really need to get back on track and get back into the "good" habits. My thought is tranfering the debt from one card to another cc with a 0% interest rate. The interest rate is 0% for 15 months, no annual fee and no balance tranfer fee. My thought is using this opportunity to pay it off in the 15 months, which would save me the interest and time, right? Is this not a good idea and too good to be true or can it work??
Thanks!!

[miclason]

Re: Need Advice On CC Debit!

It's a good idea only if you physically destroy both cards, thus making sure that you can't use them anymore...or, if you have the will power to keep them and not use them!! Oh, look into hidden fees and stuff like that!...Good luck!

[Tree0164]

Re: Need Advice On CC Debit!

It sounds like a good deal. May sure you make the payments each month because sometimes they will increase the % if you miss a month.

Now focus on getting it paid off as soon as you can.

[nate]

Re: Need Advice On CC Debit!

It sounds like a good deal. May sure you make the payments each month because sometimes they will increase the % if you miss a month.

Now focus on getting it paid off as soon as you can.

To add to that, make sure you make ALL your payments on time each month! I seem to remember reading that some companies might raise your rate even if you are late on your phone bill. Seems absolutely insane if you ask me.

[terry1156]

Re: Need Advice On CC Debit!

The debit is probably around $4k. I really need to get back on track and get back into the "good" habits. My thought is tranfering the debt from one card to another cc with a 0% interest rate. The interest rate is 0% for 15 months, no annual fee and no balance tranfer fee. My thought is using this opportunity to pay it off in the 15 months, which would save me the interest and time, right? Is this not a good idea and too good to be true or can it work??
Thanks!!

Welcome. Here are some issues to consider:

The first thing to do is call your current credit card company, tell them that you have this offer and ask if they are willing to match it. Many will and you don't have to worry about hidden fees with a transfer.

If they won't, then here are a few other things to consider

Find out what the penalty rate is if you miss a payment. if you are sure you'll be able to make the minimum payment each month, this is less of a concern, but if you miss a month and the penalty rate is signifcantly higher than your current rate, you'll need to think hard about the switch.

Does the card have universal default? Like Nate mentioned, if it does, missing a payment on anything that gets reported to the credit agencies will raise your interest rate sky high.

Will you be able to pay everything off in 15 months? If not, what rate does the card go to and how does that compare to your current card?

If you know you won't make any late payments and your current card won't match the deal, it seems like the right thing to do. And as miclason said, make sure that you don't use the cards anymore.

[akaivyleaf]

Re: Need Advice On CC Debit!

Also make sure that if you charge something on the cards, that doesn't automatically charge interest to the prior balance. Read the fine print very carefully.