Comments on: On a Slippery Slope: Robbing Peter to Pay Paul? http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/ The best Credit Card Debt Blog online Wed, 02 May 2012 03:22:04 +0000 hourly 1 http://wordpress.org/?v= By: Shanti @ Antishay http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/comment-page-1/#comment-779 Shanti @ Antishay Tue, 08 Apr 2008 06:52:13 +0000 http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/#comment-779 One way to dance around that, however, is to transfer your balance whenever the promo rate gets close to expiring. I agree with the above commentators that there's no use in doing any of this if you're just going to keep charging (as you know), but if you're doing it as a strategy to pay off your debt faster while incurring as little in interest charges as possible, this is the way to go. The best option? Transfer to a card with a teaser offer of 0% interest for balance transfers for, say, 6 months. If you can't pay it all off in 6 months, five months down the road shop for a new card and do it all over again. You can potentially pay 0% interest for over a year doing this. But as you said, read the fine print! ... Hi Jonathan, Mike, (two of you? more? only one going by aliases?!?) I'm Shanti, by the way. I've read your blog on several occasions from various links, but I've just subscribed and am reading through some of the more recent posts. Sorry for the onslaught of comments! :P One way to dance around that, however, is to transfer your balance whenever the promo rate gets close to expiring. I agree with the above commentators that there’s no use in doing any of this if you’re just going to keep charging (as you know), but if you’re doing it as a strategy to pay off your debt faster while incurring as little in interest charges as possible, this is the way to go. The best option? Transfer to a card with a teaser offer of 0% interest for balance transfers for, say, 6 months. If you can’t pay it all off in 6 months, five months down the road shop for a new card and do it all over again. You can potentially pay 0% interest for over a year doing this. But as you said, read the fine print!

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Hi Jonathan, Mike, (two of you? more? only one going by aliases?!?) I’m Shanti, by the way. I’ve read your blog on several occasions from various links, but I’ve just subscribed and am reading through some of the more recent posts. Sorry for the onslaught of comments! :P

]]> By: Future Millionaire http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/comment-page-1/#comment-636 Future Millionaire Thu, 03 Apr 2008 12:50:10 +0000 http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/#comment-636 This is why people get in more problems trying to move this debt around. This is why people get in more problems trying to move this debt around.

]]> By: Twiggers & Nice Things Bad Debt http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/comment-page-1/#comment-632 Twiggers & Nice Things Bad Debt Wed, 02 Apr 2008 22:52:55 +0000 http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/#comment-632 This can work.....but you have to CUT UP those old cards!!!!! Get them completely out of the house! My husband and I started doing this but found that we'd dig out the old card when we needed something (by need I mean WANT)! This can work…..but you have to CUT UP those old cards!!!!! Get them completely out of the house! My husband and I started doing this but found that we’d dig out the old card when we needed something (by need I mean WANT)!

]]> By: A Path Together http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/comment-page-1/#comment-617 A Path Together Wed, 02 Apr 2008 16:27:41 +0000 http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/#comment-617 Along the line of what Llama Money said...This can work but only after changing your own behavior. Now that I am very disciplined I opened up another credit card that charges 7.25%. It is saving me a lot of money. However, I tried doing the same thing about 6 years ago. I transferred my balance to the card with a lower rate, only to rack up charges on my old cards and I was in a deeper hole than when I started out. Along the line of what Llama Money said…This can work but only after changing your own behavior. Now that I am very disciplined I opened up another credit card that charges 7.25%. It is saving me a lot of money. However, I tried doing the same thing about 6 years ago. I transferred my balance to the card with a lower rate, only to rack up charges on my old cards and I was in a deeper hole than when I started out.

]]> By: Llama Money http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/comment-page-1/#comment-615 Llama Money Wed, 02 Apr 2008 15:17:16 +0000 http://masteryourcard.com/blog/2008/04/02/on-a-slippery-slope-robbing-peter-to-pay-paul/#comment-615 The other key with these offers is self-control. If you get the new card, transfer the balance, and then rack up the balances on the old card again - you're in worse shape than when you started. However, if you can resist the urge to use those old cards, then this is a great way to get out of debt more quickly, and with paying less interest. The other key with these offers is self-control. If you get the new card, transfer the balance, and then rack up the balances on the old card again – you’re in worse shape than when you started.

However, if you can resist the urge to use those old cards, then this is a great way to get out of debt more quickly, and with paying less interest.

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