6/28/2023 0 Comments Pay gpay![]() You're consistently late paying your bills Ultimately, "if you're opening low or no-interest rate credit cards to pay off other ones, you probably have too much debt," says Noah Damsky, a chartered financial analyst at Marina Wealth Advisors in Los Angeles. And balance transfers only provide temporary relief - you'll have to pay off that debt eventually. Plus, you can be rejected for low-interest balance transfer offers if your credit score is too low. There are some downsides, however: Balance transfers require credit checks that can hurt your credit score and usually have fees of 3% to 5%, which can add to your debt burden. ![]() ![]() Balance transfers are what they sound like: You move your outstanding debt balance from an old card to a new card, and with 0% teaser interest rates, you don't have to worry about interest payments, at least for a while. One way to pay down credit card debt faster is through a balance transfer card that offers a 0% interest rate for a limited time, usually 12 to 21 months.
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