I’m a 27-year-old who got my first credit card, which offered a certain number of months with no interest. I’ve been in recovery from alcohol for six years and recently joined SMART Recovery to address some harmful behaviors, including overspending.
Unfortunately, my credit card balance has climbed significantly, and the interest payments are set to begin in February. I’m feeling really upset and disappointed in myself for letting things get this bad, though I know beating myself up won’t help.
My therapist suggested I might be able to transfer the balance to another credit card with a similar interest-free period, giving me more time to pay off as much as I can.
Is this something that’s possible? Does anyone have recommendations or advice?
Yes, I did this recently, but overall, my credit is not that bad. I managed to move the majority of a credit card’s balance to another card that offers 0% APR balance transfers for nearly two years. The idea is to pay off the higher rate card by making the required payments, and then load up the new card with an even larger debt.
Which card exactly is it?
US Bank. I took a chance even though I was solicited through letter. Before I applied, I did some online research on the best balance transfer APR cards. At least a few more people experienced the same issue. Additionally, mine offers 0% starter APR for 21 months on purchases.
Excellent, many thanks! Do they permit the transfer of numerous balances?
The app inquired as to whether and how much you intended to transfer your balance. I applied for a little more than I really needed, and I was granted $700 less than I had requested. It should be possible to transfer money to one card several times. However, I did had to pay the price, which is a set percentage; therefore, be advised that you will incur repeated fees if you make multiple transfers. Once you read the terms and conditions, you should have all the information you require.
The balance on a credit card can be transferred or consolidated, yes. But it’s not a right bestowed by god.
Instead, you ought to discuss your options with a licensed financial counselor and take a seat. This involves figuring out how to keep yourself from ever taking out a credit line again.
Visit a credit union—they typically offer lower interest rates. I did this a few years back, and they helped consolidate several loans into one with a lower rate.