We have credit card debt of $2000 on a 0% APR MasterCard. The APR is set to go up to 13.99% next month. My dilemma. Do I go to CreditCards.com and hunt down another 0% APR card and transfer the balance?
The pros: I won’t have to pay interest, and thus will be able to pay off my debt faster.
The cons: My credit score will take a hit. It’s a pain to fill out the application and transfer the balance.
We aren’t looking to buy a house or car in the near future. I think our credit score will recover before we need it for anything. I think we’ll do it. I hate paying interest.
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I'm just an average mom, trying to live a frugal life and get out of debt. I write about things that have (and haven't) worked to improve my family's financial situation. What works for me may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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