Multiple credit card balance transfers OK?
by Author on Friday, August 20th, 2010 | 2 Comments
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My wife rotates her credit card debt from one lender to another every time a deal comes up, and they keep offering the deals and she keeps going for it (after reading the fineprint to make sure it’s not a bad deal), and her credit score is still considered "high". I think having a decent credit score is what allows her to play that game/hobby in the first place. If your score is not the same as my wife’s, or if you make a tiny mistake and allow the deal offeror to screw you up, then your experience might differ.
Rather than transfer one credit card load to another credit card (and if you’re serious about reducing that debt load), then I’d suggest putting a card or three through the shredder and consolidate: I’d get a bank loan and pay all those credit card things in one shot. The interest on the bank loan will be a lot lower and a lot more manageable than any credit card interst rate.