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mjt1116

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opening new credit card accounts to help pay down debt
Credit Karma recommends opening new credit card accounts to transfer balances to lower interest rate cards is this advisable to do this when I already have to many unsecured credit card accounts?

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Credit Karma makes its moneys from advertising. It is up to you to do the math if you can pay off your debts faster if you transfer i.e. make a speadsheet with how much you plan to pay off every month  and balances on your current credit cards and what will happen if you tranfer with the terms of the balance transfer (do not froget to account for balance transfer fees!). In ome cases, say you know you can pay off your cards in 1 yr and you have a 1 yr 0% balance tranfer offer with no fees, obviously you should transfer so you are not paying interest...

This kind fo switch is only worth it if you can 1) pay your accounts faster as verified by the calculation you need to do 2) you are never ever late and 3) you do not rack up new debt while youa re paying off this one.

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