Balance transfers are not a horrible idea

But just paying the debt off is a better idea.

I'm not an all-out Dave Ramsey disciple, but he has a heck of a point that you can't borrow your way out of debt. Having a plan to pay things off works a whole lot better than chasing interest rates.

In response to this post by great2bahokie

Posted: 10/22/2018 at 10:34AM

Credit card balance transfers -- great2bahokie 10/22/2018 10:17AM

Assuming you have excellent credit and low utilization, look for 0% trans -- Thankful Hokie 10/22/2018 1:11PM

All good points made below. I use balance transfers from time to time... -- MP4VT2004 10/22/2018 12:19PM

Detrimental impact to your credit record. -- Hokie360 10/22/2018 10:37AM

That can be true -- VT Pops 10/22/2018 10:56AM

Balance transfers are not a horrible idea -- Tafkam Hokie 10/22/2018 10:34AM

Agry. Getting rid of credit card debt is the best approach. ** -- Hokie360 10/22/2018 10:49AM

Is there a fee to transfer? Usually a percentage of the amount transferred -- CPRVHokie 10/22/2018 10:21AM

2% transfer fee ** -- great2bahokie 10/22/2018 10:23AM

Calculate how that fee impacts your savings. Bal transfers aren’t a bad -- CPRVHokie 10/22/2018 10:41AM

Balance transfers are not a horrible idea

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