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Tag Archives: choosing the best credit card

Should You Transfer Debt to a Low Interest Credit Card?

When we were in the midst of paying off over $30,000 in credit card debt, one of the options we used was transferring high interest balances to lower interest credit cards. In fact, we sought out 0% balance transfer offers. While this strategy helped save hundreds of dollars in interest, you have to make sure that transferring your debt to lower interest credit cards is a smart move for your financial situation. Check Your Credit Score Even though we were swimming in debt, we always had high credit scores because we never missed payments. Because of our credit scores, we were eligible for all kinds of balance transfer options for new cards and for cards we already had. Believe it or not, we did have a few cards that did not have a balance, so those were the ones we chose to use. If you have good credit, offers will be plentiful, which is a big reason we got into so much debt in the first place.

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