At first glance, it seems like a good idea: you open a credit card with a low interest rate and transfer all of your balances from high-interest accounts to that one card.
…s probably neither. I should know: I used to work in credit.
Balance Transfers are a Game Designed to Make You Lose
Credit card companies have benefitted from balance transfers by hooking new customers with low rates, then getting them to spend on the card. Your payments would be applied to the balance transfer amount with the low rate, while racking up new debt at a higher rate that doesn’t get paid off until the balance transfer amount is paid off.
Think about this example. If you had a $3,000 at…
Link:
The Scoop on Balance Transfers: A Banker’s Perspective
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