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93195 t1_j2f5k3q wrote

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

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?

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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!

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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.

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