Too Many Americans Falling for Balance Transfer Trick

Americans are struggling with record levels of credit card debt – currently more than $1 trillion. Interest rates on that debt hovers around 16 percent. One popular solution is a “zero-percent balance transfer.” This is where a person transfers high-interest credit card balances to a new credit card – which charges no interest. These deals … Read more

How Can I Break Free From Just Doing Balance Transfers to Move My Credit Card Debt? – Kevin

Question: Dear Steve, I need direction and help! I have approximately $25,000 in credit card debt. I have been able to Balance Transfer to 0% for years in trying to consistently pay down the debt over time, but it is slow, grueling and when something comes up, I set myself back years of progress. I … Read more

How Can I Move My Debt Around to Pay It Off Faster? – Max

“Dear Steve, I’m back again. This time with a different subject, though I’m still working on the other issue we talked about previously. So, I want a credit limit increase or a new card, though I already have 4 cards. I want to transfer my $6,000 Chase card balance with an APR to one of … Read more

Bank of America Offers Sweet Balance Transfer Deal in Time for Christmas

You would not believe the number of credit offers I review and see. But this one caught my attention as usually interesting. I have no idea how many people have access to this offer but if you are a Bank of America card holder it might be worth calling customer service and seeing if you … Read more

Is a Balance Transfer Worth It?

Right now, there is a lot of interest in balance transfers. A balance transfer can help you save money on your debt. If you are trying to pay down your debt a balance transfer might be the best option. A lower interest rate will allow you to make larger payments on your principal, which means … Read more

Best Balance Transfer Offer With Checks. Is That Smart? – D

“Dear Damon, we have 94k on our 1st and 2nd mtgs, house value is 150k conservatively. 20k spread over 5 credit cards majority of it on 2 cards. co-signed student loans for son & daughter 75k. no car loans. no bankruptcies, late payments or other major negatives. a couple yrs ago when they were changing … Read more

David Writes In “I Have No More to Give”

David wrote me through the GetOutOfDebt.org site to ask his question below. You can too! “Dear Steve, I have about $20,000 in credit card debt. 4 cards that I’ve transferred balances to, each with a rate of 2.99 to 3.99% interest for life of the loan. Each monthly minimum is about $110.00. I have no … Read more

I Was Hit With a Big Balance Transfer Interest Fee by Chase Bank. – Mark

“Dear Steve, I just entered the Chase Balance Liquidation Program. My card jumped to 29.4% an a $7800 balance. I was a day late on my payment twice in 6 months so this was self inflicted. The original balance was 0%/12 mo’s. I had tried to Balance Transfer a portion of it to another card … Read more

Terri Wants to Know “Is There a Way to Get Out of Debt Without Ruining Our Credit?”

Terri wrote and asked her question through the GetOutOfDebt.org site. If you have a credit or debt question you’d like to ask, just visit this page and ask. My help is totally free. “Dear Steve, We have appox $50,000 in revolving debt, 2 vehicle payments, 1st and second mtg, we pay everything on time and … Read more

Where Can I Go to Payoff My Credit Card With a Cheap Loan? – Sarah

“Dear Steve, I have completely paid off my minor credit cards. My visa, with a close to $8,000 balance remains. My interest rate is so high, it seems my payments aren’t moving the balance at all. I want to do a balance transfer to a lower interest rate, but I do not know where I … Read more

How Much Should I Put Monthly Toward My Credit Cards? – Sangeeta

Sangetta “Dear Steve, I’m trying to figure out how much I should put monthly toward each of my credit cards. I’m using this calculator from CNN.com. The problem is that I have a 0% interest on a few cards that expire in a few more months, and that calculator does not take that into account. … Read more

What Do you Think of Companies Like Debt Freedom Relief? – Casey

Casey “Dear Steve, I have $42,000 in unsecured credit card debt. Initially taken as low-interest ‘balance transfers’, interest has escalated to ~25% and minimum payments have become unmanageable. What is my best course of action? Debt settlement? What do you think of companies like Debt Freedom Relief? Casey” Dear Casey, I took a quick look … Read more