Comments on: Using a 0% Credit Card to Consolidate Debt

By: ChristianPF

ChristianPF — Tue, 24 Jun 2008 20:49:35 +0000

I played the 0% swap game and even put my whole car purchase on a few cards. It was a lot easier about 2 years ago than it is now. Since all the card companies are charging those balalance tran fees, it really eliminate the advantage of using them.

By: Andrea Smith

Andrea Smith — Sat, 21 Jun 2008 11:58:37 +0000

Credit card debt is on its all time high with today’s economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article!

By: Greta

Greta — Wed, 18 Jun 2008 19:41:28 +0000

“Another common pitfall is to start using your other credit cards again, without paying off the balance each month, once you complete the balance transfer. Wracking up more debt before the original debt is paid off can put you in an even more devastating position than you were in before.”

This is exactly what happened with me and my husband before we implemented the “freezer” method. We went from not-so-bad debt to ridiculous/scary/stressed-out debt really fast. To change our habit, we literally froze the credit cards in ice so that we couldn’t rack up more debt on the cards that we transferred balances from.

By: Emily @ Taking Charge

Emily @ Taking Charge — Wed, 18 Jun 2008 19:29:37 +0000

Yes, be very wary about making new purchases and carrying balances while doing a zero percent balance transfer. Sure, the balance is at zero percent, but often, new purchases come at a different APR. And be sure to keep track of when your teaser date ends — some standard rates don’t kick in until a year, but for some, it is only three to six months.

Emily @ Taking Charges last blog post..Obama may reform McCain’s credit card rate