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Living on a Budget, Saving Money/Balance Transfers on Credt Cards


We have just recently paid off one of three credit cards (Yippee!). This card (Card A) is offering a Balance Transfer promo that will allow us to pay off Card B with a 0% Finance Charge until April 2015 at which time APR will be 13.74%.  There is also a 4% transfer fee that is assessed.  I realize that the unpaid balance will accrue interest until the promo offer ends in April 2015.  Card B is currently charging us 21.99% each month on unpaid balance.  We currently owe @$7,000.00 on Card B.  Our intent is to now begin paying $500.00 each month on Card B (This is what we were doing with Card A until it was paid off).  Would it be wise to transfer the $7,000.00 from Card B to Card A,  and keep paying the $500.00 each month until balance is paid off,  or just cancel Card A and apply the $500.00 payment to Card B until paid off,  the attack Card C?  I know it may seem confusing,  but hopefully you can help advise.

Hello, getting the 0% APR will allow you to reach your goal of getting card B paid off more quickly and you'll pay less in the long run. 21.99% interest is very high, so this is a good deal. If you pay the $500/month faithfully, you will reach the goal of paying off card B, even with the transfer fee, by the end of the 15 month promotional period.

Please also remember to never cancel a credit account, unless fraud has been involved. Part of your credit score is how long your accounts have been open!

Congrats on your triumphs over credit card debt and good luck!

Living on a Budget, Saving Money

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I can answer questions that anyone that has never been taught about finance might be afraid to ask an expert. For instance, I can answer credit questions (how to get it and keep it), how to buy/sell your first home (I've bought 3), finance a car, invest in your 401K, and live a debt-free life. I can't answer complex questions that involve legal issues. I am here for "the little guy" who doesn't know how to buy something properly using credit, or needs a good system to remember to pay the bills.


I am fortunate enough to have a lawyer as a step-parent and a penny-pincher for a mother! I was taught from a very early age how to get credit, keep it, and buy things for myself. Young people today just aren't taught this at all and they don't want to ask "experts" for fear they will be talked down to or thought stupid. I'd like to be a sort of "Establish your Finances" expert that caters to the young crowd or those who would like to learn about finances.



I have a BS in Recording Industry Business Management, which means I was taught how to run an effective studio or record label. My minor was Business Administration, where I learned accounting and finance. I obtained my Masters of Business Administration in 2011.

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