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Credit Card question

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  • lisalogan 05-02-07 | 11:14 AM
  • We have one joint credit card with about $5000.00 that I want to get paid off. Right now we are just paying purely interest so I know it won't be paid off anytime soon. My husband had some credit cards when we first got married that we paid off. I've thought about transfering the balance to a zero interest card and trying to pay it off quicker. Is there any negative reasons to do this? Or would it be better to take a loan through the bank and pay it off? Thanks for you help.
  • Janine Janine's Avatar 05-02-07 | 12:23 PM
  • If you can get a 0 interest card that would probably be teh way to go as long as you can pay it off during the 0 interest period. Dh had 2 capital one cards when we got married that suddenly went from 0 interest to almost 20%!
     
    Gotta read the fine print!
  • Dopey406 Dopey406's Avatar 05-02-07 | 01:38 PM
  • Definitely surf that balance to a 0% card and then pay it off FAST! Most 0% cards are for a limited time (6, 9, 12 months) so you'd really HAVE to pay it off fast to avoid a HUGE hike in the rate.

    I would encourage you to look around for a 0% card and surf that sucker ASAP!!
     



     
    and keep us posted--especially if there's something else we can help with.
     
  • savannah33 savannah33's Avatar 05-02-07 | 01:41 PM
  • Very much beneficial to do it that way and if you can't pay it off in time make sure there is no penalty for transferring the balance to another card with 0% when the time limit is up.


     
  • the_littleminx the_littleminx's Avatar 05-02-07 | 08:36 PM
  • IA with everyone else. Good luck!