The Weasel
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If you have to ask this question you really need to cancel those cards and stop using them. Do have any idea how much money you are wasting in interest? Do you like to piss money away? |
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ÅŅÑΣŦŦΣ™
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Absolutely not. Pay with check or debit and if you can't afford to do that, then you need to get rid of your credit cards. |
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Meep!
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Only to consolidate with a lower interest card. Otherwise you are just digging yourself into a hole. |
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Snowflake
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If you can transfer a balance to a lower interest rate card it's a good thing. If not, you would just be causing the balance to go up. |
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party planning, atlanta
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no |
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tonalc1
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Only if the other card has a much lower interest rate. However, you may be charged for a cash advance. |
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SPIFIMAN1
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Only if you can transfer to a card with a lower rate.
Otherwise you are starting to dig a hole that you will never get out of. |
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cvcastrejon
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If the other credit card is lower its fine. Usual charge is 3% or a max of $75. I have done this with my credit cards when it is in a low promotional rate. Then I make large payments before the promotional rate is over. It saves money and it helps keep you on track. You can also call your current card an ask them to lower your interest rate. |
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Walkerfire
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Should I put out a fire with gasoline... No and No |
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slotr04
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NO!!!! then you'll end up paying for it twice! |
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s0me0ne!
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DO NOT GO THROUGH THAT HOLE!
just pay the minimum on that credit card if u have absolutely no money
if you pay it with another credit card ull be charged more more and more interest
trust me |
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Nate
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Good luck with your credit card debt... |
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Paul C
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YES, ABSOLUTELY, but only if (i) you have zero balance on the other card and (ii) if the other card has a significantly lower interest rate - often they offer a rate of 0.0% APR (or similar) for balance transfers from one card to another. Take advantage of this, but only if you have zero balance on that card. |
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OC1999
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Unless you are doing a Balance Transfer from a higher rate card to a lower rate card and pay off the one card totally off you should never do this. Even if you do a balance transfer you need to continue to pay on your other card until the transfer goes through. Because the transfer could take up to a couple of weeks you may be late on the payment if you don't which would increase the amount you owe.
In order to do this without doing the balance transfer you would need to take a Cash Advance which is where the Credit Card companies charge the highest interest rate and fees. They also charge interest from day one with no grace period. Because of this you will be increasing your debt each month and within a couple of months you will be in a worse jam.
If you are having problems paying your bill you need to talk to a Credit Counsuling company about getting on a Debt Management Program. |
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pxnanc
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That is a good question! I have bankruptcy under my belt. The best adage I ever read was from the Bible--neither a borrower nor a lender be...I did learn a very useful technique to paying off debts. It's called the 'roll-up' technique. You start with your smallest debt and pay the maximum you can on it and all the others--just pay the minimums. When that debt is paid, you keep going that way and rapidly get them paid off because you're creating more money to pay off your bills. Keep an ATM card only. Cut the rest. If you call the ones you want to minimize they will work with you as long as you pay something. LOL |
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DannyBoy
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no i wouldnt, if anything try to transfer the balance to your card with the highest limit. or find a new card that offers a 0% intro offer and transfer all to that one. |
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Anonymous
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I don't think it's a very good idea. While you may be out of debt on one card, the debt would just be transferred to the other card, so really it wouldn't be helping you at all. |
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