Is it worth it to open a zero percent credit card and transfer your debt to it, then pay it off?
I have done this on multiple occasions and have found it to be a great way to avoid high interest rates while giving myself more time to pay off the debt.
There is usually a transfer fee but that amount is significantly less than the usual interest rate you are paying on Credit Cards.
I’m just wondering if I can pay off the debt in the amount of time they give me. Thanks for your reply.
Yeah… that would come down to what you are personally able to do. If you take the total amount and divide it by the months you have to pay it off with no interest, that will give your your monthly payment and if it is doable I would say it is worth it.
Not exactly the same subject, but along the same lines, here’s a website I find very helpful. You can enter all your credit card debt information and it will calculate for you the order in which you should pay them off to realize the best savings. It’s not necessarily what you might think. At least, I was surprised. Here’s a link: What’s The Cost? - Become debt free at WhatsTheCost.com . (http://www.whatsthecost.com)