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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
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credit  card  balance  transfer  bad  idea  

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