10 Best Credit Cards For Balance Transfer
What’s the best way for me to pay off my credit card debt? Credit line? Balance transfers?
I have $18,000 in credit card debt on four cards and the average interest rate is 18-20%. My income is only about $21,000 so I’m paying the maximum I can every month. I’ve been able to make minimum payments and have only missed one or two in the past five years (by mistake, not because I didn’t have funds).
However, at this rate my balance never goes down and the credit card companies keep getting richer off pigeons like me.
I think I can get a line of credit from my bank at 10-13% or possibly a loan from a credit union.
My cards are close to their maximums so I don’t have much room for balance transfers – maybe a little.
Wondering if I should just go for the credit line since the rate’s better and interest isn’t compound. Or maybe do a combination of the two and even apply for another card which is offering 0% APR on balance transfers. Would this affect my credit rating which is still good (about 650 I think)?
Any other options I might consider?
Thanks!
you should transfer your debt to a line of credit. if you pay the same amount monthly but at 10-13% you’ll be paying off some of the capital and eventually be debt-free, if you don’t borrow other money. try to avoid using credit card and paying cash. if debt is a very old habit you might want to read some books about how to get out of debt, or go to debtor’s anonymous.
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