Comments on: What 0% cc should I double up on payments to reduce debt?

By: barbara w

barbara w — Sun, 27 Dec 2009 10:20:02 +0000

double up on both. If you cant pay of the balance within the 15 month then pay the one that has the highest interest after the 0% expires.

By: Andreas

Andreas — Sun, 27 Dec 2009 01:30:15 +0000

Additional word to the wise. Most of the 0% offers that are around these days carry a requirement that you stay current on ALL of your payments. If you are late making any payment for any debt, and it is reported, then you will lose your 0% and the interest rate will skyrocket.

So, make sure you are taking care of all of your accounts before you start to double up on these credit card accounts.

By: stopccdebt

stopccdebt — Thu, 24 Dec 2009 20:21:44 +0000

Frankly, it does not matter during the 15 months. Just make sure that you pay more than the minimum on both. If you double up on one, and only pay the minimum on the other, then you are in danger of being labeled a slow pay.

Credit cards that receive only the minimum payment for 6 consecutive months can be labeled slow pay, and the creditor will frequently raise the interest rate substantially as a result.

If you think you can pay one of them off in full within the 15 month period, then you should consider doubling up on that one while paying about $10-20 over the minimum payment on the other.

Good luck! 0% is a wonderful thing. Make sure that you read all disclosures. Discover requires 2 purchases a month to maintain 0% on their offer.

By: mom of a boy and girl

mom of a boy and girl — Thu, 24 Dec 2009 08:19:11 +0000

Wow, they just showed this 0% balance transfer on the local news the other night and it is not a good idea…………They said read the fine print because in 6 months or more the 0% becomes 19.99% to finish paying the balance……….Remember if is sounds too good to be true, it usually is……….So to answer your question, pay it off ASAP………..iT MAY EVEN BE CHEAPER TO TAKE OUT A LOAN AT THIS TIME AT THE BANK.. IN ORDER TO PAY IT OFF..GOOD LUCK WITH THIS ONE

By: itsnotarealname

itsnotarealname — Thu, 24 Dec 2009 04:03:18 +0000

Double up on both. If you can find a way to consolidate the two, cancel one, and then make one payment, you’ll reduce the debt even more. If you own a house, consider a Home Equity Loan (not a Line of Credit - the actual fixed-rate loan.) The interest is much lower and you’ll have tax-deductions.

Whatever you do - cut up BOTH credit cards immediately and stop using them.