Is it a bad idea to keep on doing a credit card balance transfer?
Question asked by: mrquestion
Asked on: 27 Jan 2010
It is a bad idea in the sense that, whilst it shifts the balance around, there are two downsides:
1) It doesn't actually pay the balance off, and there is temptation to always push paying off debt when in fact this just means it could mount up as you spend more and more on each card that you then transfer: it has to be paid off eventually
2) There is the problem with the credit rating: if you keep on opening new credit cards and shifting the balance across your credit rating will suffer and this could lead to problems getting credit in the future.
By: knowitall
Replied at: 27 Jan 2010
Rate Answer
Comment or provide your answer to this question
No comments have been added to this question "Is it a bad idea to keep on doing a credit card balance transfer?".
No comments have been added to this question "Is it a bad idea to keep on doing a credit card balance transfer?".
Ask a New Question
Find out more about Money
Find out more about Money
Money Questions and Answers
credit cards Questions and Answers
Become a Member! It's Free >>>
Share on Facebook: 
On Twitter:
Tweet this!
Question Keywords
credit card balance transfer bad idea
More Questions:What Is A Buy To Let Mortgage?
What Is The Attraction Of An ISA?
Tax Deduction
Are Credit Cards Better Than Using Cash?
How Much Is My House Worth?