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Shorty9614

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Balance transfers
Is it a bad idea to keep transferring credit card balances to a 0% interest rate credit card to help me pay it off?

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Yes and no.

If you open a credit card you get decrease in credit age (small negative), increase in credit limit and hence decrease in debt ratio (positive), and a hard hit (short term negative effect). How it all balalnces out depends on individual circumstances.

However, note that what is good for your finances is not necessarily the best for your credit score short term. If transfering the balances around helps you pay off your debt significnatly sooner then take the short term hit and enjoy the long term benefits.

Good luck.

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