Thoughts on balance transfer credit cards

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[kevins]

Absolutely. Use that 0% if you are serious in paying off the debt.

[fabiofagundes]

George, one of my favorite personalities I will disagree on this one. I will pay the $500 in one shot and saved 400 every month for the next year to pay off 10 grand. 400×12 months is $4800 in interest I will take the $500 hit. Thank you very much

[jdadams]

I want to do a credit card transfer with a card I have that's at 3700. The minimum payment is 125 right now but every month there is 90 dollars of interest added. I bring it down 35 dollars a month which is nothing. I haven't used the card in years. I just want to pay it off. The 3 percent fee what 120 or 130? Two months of interest would be more than that. If I got a 21 month no interest balance transfer I could pay 190 or so every month and have it paid off. I'm sure I can be approved for such a card since my credit score is 790 or so. As long as you don't continue to use the card I think a balance transfer is a great idea. It'll save me thousands in interest charges.

[RetireCF]

YES! My once close family member used to say to me during our money talks....that "We deserved to go on vacation because we worked our asses off even thought we don't have the money at the moment! HA!

[RetireCF]

18 month zero balance debt to put a roof on a cash flowing rental? Different story my opinion

[iamthomasgreenman]

Big Dave fan, but currently saving all my money while waiting on our first born to arrive.. so I transferred my CC debt (6k) onto 0% card and now I have the ability to save while not having to add an extra 200/month in interest to my CC bill.
It does come down to the person in the mirror, but as I get more control over that man I find I’ll allow myself some room to make some more situational decisions such as this one.

[RamonV-quus]

In some scenarios I think it’s a good idea, obviously not a good idea if you can’t pay off the debt you owe in the promotional period..If you can pay off your debt between those months of O% interest it’s worth the transfer

[danguzy]

My mom used to do those balance transfer cards all the time when I was growing up. I never thought it was a good idea. My thought was it’s like she was borrowing from Peter to pay Paul, it doesn’t make any sense unless she actually paid off the card balance in the allotted time, which she never did. And if by chance she did pay it off, then she’s added yet another credit card limit to her financial base, which just seemed like a dumb idea to me. I just never thought that was good to do.

[richardle]

I eat once a day, rice, spam, eggs, butter, and maggi

[lolwtnick]

the new cards can save you interest of course. but with a serious mindset of the snowball payoff, you can get out of debt in less than 2 yrs and that interest won't matter.

[janetcrane]

Some of these cards don't charge for transfer.

[miniman]

Ya this is a bad take. As long as your serious about paying off debt these are a win

[MAfanwoods]

Yes it would be wise. Ramsey &co give horrific advice. Yes 500 is cheaper than interest monthly. Smfh

[DylanWhittington-dy]

Why is this argument so common? I want as much open credit as I possibly can have. I guess his focus group and most people posting videos focus group is idiots. Balance transfer, don’t use the new card, pay off as much as possible before 0% APR ends. Balance transfer to a new card and repeat the process. Is it that common for people to see they have an empty cc and then go run it up? I have 13 credit cards. Only 1 I don’t use monthly and only pay $240 a month. The one I balance transferred. Every single other card I have a recurring payment for something small and pay off the statement balance no interest. I have over 50k in open credit. Geez people are stupid. Credit cards are for mandatory payments I make every month no matter what. Only use my debit card for special purchases of things I want but don’t need.

[toddboden]

Everything is situation dependent. The problem with Dave is that he needs to realize not everyone is in a situation to be able to do what he says to do. You're broke don't have fun. Stfu!!

[benjaminsmith]

This is idiotic advice that he damn well knows is wrong but won't say it because of who he works for