Comments on: Should You Balance Transfer Your Credit Cards?

By: Barry Choi

Barry Choi — Fri, 26 Jan 2018 22:02:45 +0000

In reply to Big Cajun Man (Alan Whitton).

BCM,

That’s a very valid point. Balance transfers are only good if you’re doing them with an intent to pay off your debt quicker. It can be a dangerous trap to keep transferring your balance.

By: Big Cajun Man (Alan Whitton)

Big Cajun Man (Alan Whitton) — Fri, 26 Jan 2018 14:53:41 +0000

The overriding danger with consolidation is this should really only be done ONCE, however, some folks become consolidation junkies. I meet so many folks where this becomes a merry-go-round and they keep transferring or consolidating until they have to finally end up talking to a Bankruptcy trustee or someone similar.

Please remember this is really an EMERGENCY move, don’t think of it as something you can just keep doing.

By: Barry Choi

Barry Choi — Thu, 25 Jan 2018 00:38:58 +0000

In reply to Chan. Hi Chan, A line of credit is good also since it'll have a lower interest rate than your credit cards. Balance transfer credit cards offer an even lower interest but usually for only 6-12 months. If you already have a line of credit open, it won't affect your credit score.

By: Chan

Chan — Wed, 24 Jan 2018 21:43:29 +0000

What about using one’s own line of credit (unsecured / secured) to quickly pay off debts (e.g. credit cards) and get lower interest rate? Will using a line of credit affect my credit scores?