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What Can I Do with 0% Interest Ending? Harsha

“Dear Steve,

I have 2500 balance on a 3500 credit limit divident platinum mastercard. i am on the 6th month of 6 month 0% apr offer, i have not missed a payment till now, and my credit history is like 9months old, i have 2 credit cards one is master card frpm citi and pther 600$ card from bofa with 0 balance

What can i do to save from paying intrest on the balance, I have a credit score of around 670 in Transunion

Harsha”

I asked my friend Mike Killian to answer your question for you. I wanted to make sure you got an answer as quickly as possible as I’m a bit backed up at the moment. I’ll be watching the comments on this question and be around to help if you need me.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Dear Harsha,

My news is not good. One of your few options is to get another zero % balance transfer card which is not very likely. Credit card issuers love a consumer enticed and snared by their 0% interest offer. It is bait to the innocent prey and often times even bait to more experienced users. It’s a “come on and try it… you’ll like it.” Then the bear trap closes and the consumer is trapped with very few options.

They use to offer very low temporary interest and then some genius came up with 0% because the future was in the future and we don’t have to worry about the future today. Here is the problem. One day the future is now… as you are learning. Even if another 0% interest came along, I could not recommend it for the same reason.

However, here are a couple things you can try. You can contact the creditor and request a lower interest but in today’s economy, that is unlikely. Frankly, your best bet is to simply get it paid off as rapidly as possible. You might try to contact a credit counselor to see if they can work out a debt management program. You can also consider bankruptcy, which seems very premature in your case but it is an option.

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My best advice would be to learn from this experience that all that glitters is not gold.

I do wish you the very best and sincerely wish I could offer more.

Sincerely,

Mike

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About the author

Mike Killian

Mike Killian is founder of Learning Credit and Debt Management. He has been writing and teaching about credit and debt management issues for over 12 years. His articles have been referenced by various members of the media, including MSNBC and The Motley Fool. Mike has also offered debt elimination seminars to businesses and community colleges for many years. He has an MS in counseling and is a nationally certified as a Personal Finance Counselor. Mike can be found at LearnCreditManagement.com/.

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