Transferring balances in the new year -- important things to consider

Jan 30, 2013, 14:02 ET from

AUSTIN, Texas, Jan. 30, 2013 /PRNewswire/ -- Balance transfers are a hot topic this time of year, as they promise to ease the post-holiday hangover of debt when opening those credit card bills and facing the sum total of December's financial indiscretions.  While it usually makes perfect sense to transfer balances from high-interest credit cards to the temporarily safe haven of zero percent interest, it's important to be aware of some caveats.  Before you take the leap consider these thoughts from the experts. Read the full post here: Balance Transfers



  1. Out with the bad and in with the good – unless the card from which you want to transfer debt has been in your purse or wallet for many years it's probably best to cancel it once the balances have found greener pastures with a new zero percent interest card.  Otherwise, the oldest card you own should be kept at all costs since it is the one reflecting your longest credit history at the credit bureau.  If that card gets the axe your history will plummet along with your credit score.  So, keep it paid off and in a drawer for emergencies.   
  2. Sometimes putting all your eggs in one basket can be a good thing, especially if those eggs are high interest balances.  If you have outstanding balances on several different cards (or even other types of non-card debt) on which you're getting charged high interest, it can help make life simpler (and less expensive) to consolidate to a single low interest card and focus on aggressively paying down the principal during the interest free introductory period.

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