The 411 on Balance Transfer Cards
Let's dive deeper into balance transfer credit cards, shall we? Especially for those of you tackling credit card debt head-on, this is such an important topic!
- LOWER INTEREST RATES—Many balance transfer cards offer a 0% introductory APR, giving you a breather from high-interest charges.
- DEBT CONSOLIDATION—When you move multiple credit card balances onto one card, it simplifies your debt management.
- THE TIMELINE: The 0% interest rate on these cards only lasts for a certain amount of time! Make sure you choose a card with a timeline that works for you so you can actually pay down your debt before the rate spikes.
- NOT HAVING A PAYOFF PLAN: Like I said, the 0% timeline doesn't last forever. Before you sign up for one of these cards, make sure you're in a place where you can aggressively pay off your debt.
- YOUR SPENDING HABITS: If you keep spending like you have been, you will never make progress. Work through the habits that got you into debt in the first place! I love Paige if you need a resource to help with impulse shopping.