Living on a Budget, Saving Money/Loan or 0% credit card


Hi - I have some credit card debt that I want to consolidate.  I'm wondering what the pros and cons are of either applying for a personal loan or transferring the balances to a 0% credit card.  There is a possibility that I won't pay off the credit card within the 18 month promotion period.

Thanks for your insight.

Thanks for the question Kathleen!   Consolidation of loans can be a tricky thing because we FEEL like we have paid something off, but we have just manipulated the situation. The biggest thing with consolidation is that you do not run up the card, or loan, that you moved to the lower interest rate again. (The first three letters in consolidation are CON!)  Even if you do not pay off the card with zero interest before the 18 months, you still save money.  Just do not get back in debt to the one you consolidated.  Besides if it looks like you are not going to pay off the card before the 18 months, you will probably receive another one that offers zero percent to finish the job. Let me know if you have anymore questions.

Living on a Budget, Saving Money

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Tim West


Budgeting, credit, collections, basic insurance and investing. Small business budgeting basic will and estate planning.


Financial coach since 2009. Help coach people in personal and small business financces.

Head of financial ministries at Grace Fellowship of Augusta,Dave Ramsey Certified financial counselor and 20 years of doing it my self.

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