The only thing Capital Budget Strategies, LLC of Austin, TX hates more than credit cards is credit card debt! But we can help you get past the old mistakes and get on with your live! Our method starts with a detailed monthly budget – every dollar you earn should have a purpose!
Before you transfer a credit card balance to a new 0% or low interest credit card, think about the following:
(1) Apply for only one new credit card a year and only cancel one old credit card a year. More than one card a year can have negative effects on your credit score.
(2) Some 0% balance credit cards charge a transfer fee! The fee can be up to 3% of the balance. Like they say, read the fine print.
But, if you can qualify for a 0% transfer balance card, and there are no to very low fees, take it BUT do not use it. Most of these cards will charge you full interest on new purchases and the monthly payment you send in will only be used towards the transferred balance (the balance receiving the 0% interest) not the new balance.
Therefore, the balance for your new purchase will just keep growing at 18 – 20% until everything else is paid off. Yikes!
Best idea – get the 0% card, transfer your balance, put the new card in a drawer and never use it!
Or better yet, take a video of you cutting it up and send it in! We will add it to our Video Wall of Fame!
https://youtu.be/CnJqGjpkwRQ
Question or Comment? Enter it below.