Viewing a single comment thread. View all comments

Clean_Picture_8295 OP t1_j2f5eeb wrote

Reply to comment by 93195 in Credit Card Debt Repayment Plan by Clean_Picture_8295

Almost posted with my main account, oops, but I've been getting a lot of CC pre-approvals coming in the mail with 0% balance transfers. I didn't want to open another card but a good option to think about. Def have to cut spending down in order to max my monthly take home towards the debt. Also true about the loan, still considering this as my primary option, thank you for your advice!

1

93195 t1_j2f5k3q wrote

0% trumps everything. Open the account, transfer your high interest debt, cut up the card.

On $5380 of debt at 25%, the first $113/mo is just interest. So if you pay $500, your debt goes down by $387. If it’s at 0% and you pay $500, your debt goes down the full $500. Which sounds better to you?

1

Clean_Picture_8295 OP t1_j2f7335 wrote

For sure the second option - I'm going to look through the offers I received. Although, I am worried about not getting a high enough limit. Thank you for the comment!

2

ahj3939 t1_j2f7a6b wrote

Main thing to look for is balance transfer fees. I haven't seen any with no fee since late 2019 or early 2020. These days it's either 3% or 5%.

Obviously you want the ones offering the lower 3% fee.

2