What is The Best Credit Card to Consolidate Debt?


A reader asks, "Is consolidating with a 0% interest card better or worse than consolidating with a low-interest rate card?" The answer to this question on whether you should get a low-interest rate card or a 0% interest rate card. Really depends on your ability to pay it back in time. If you can payback the 0% rate card before the promotional period ends that's great. To determine this what you do is, you take the amount that you're going to finance. Divide it by 11 and then that's the amount you have to pay every month to pay off the debt. Before the promo period is up. Often times expenses and surprises happen during the year and that will throw off your budget. So if you budget it in to pay it off a month early, you're safe. Now if you cannnot afford to pay that amount every month, to pay of the debt. Then look at the lower interest rate that has a longer period of time before it expires.


A lot of those offers are 18 months to 24 months, take that offer if you need more time to pay off the debt..



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