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Posted in Paying Your Bills
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Question By
donsgrls4

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I have $15,000 worth of credit card debt. Is it a good idea to transfer to transfer to 2 different
credit cards interest free for 12 months??

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Google Dave Ramsey and start reading, 

Is it a good idea,  No it is not. 

Pay off the lowest Credit Card as fast as you can and then attack the next Credit Card. 

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Reply by
JohnnyRain127

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Are you really saying it isn't a good idea to transfer to the cards with no interest for next 12 months?

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Reply by
icuhowie

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Johnny, 

that is correct ,  if someone has 15,000 dollars in CC debt and they can't pay it off in 12 months,  then transfering it to another card will not help the issue,  they could end up owing more.   

they need to Suck it up,  and Pay the debt down. 

Get a 2nd or 3rd Job and pay as much as they can towards the Credit card Debt. 

Transfering debt from one CC to another is a shell game,  they do not even know if they will get enough Cedit Limit to do a Transfer. 

and if they do transfer 80% chance or better they will charge up the Credit Cards they moved the moneys from. 

They have a Spending Habit issue that needs to be address. if they feel the pain they will pay it off an good chance they won't do it again. 

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If you can get a 0% transfer rate option, you should go for it.   The problem with most people is that once the transfer, they return to using the older cards and continue the cycle, you now have nothing more than 2 additional cards with a balance and low interest.   Any cards you pay off using the 0% transfer should be kept put away in your drawer and not use them.    Don't close the accounts as this would lower your average age of accounts.  This way, you are not increasing your debt and take full advantage of the 0% and dump all that cash on those as quickly as you can.  You would save at least the different in the interest you are now paying and stand to reduce your new balance by that same amount.   The theory of Dave Ramsey is pretty much the thought process that you are only moving the debt and will continue to use the old cards.   Don't use the other cards and you will be much better off.

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