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Question for the Money Doctors

Question submitted on Nov 6, 2019.

Question

I have 15,000 maxed out on a single cc, paying over 150 month in interest. Should I try doing a balance transfer if possible to a new cc or a personal loan/consolidation service? Thanks in advance!

Answer

When you do a balance transfer to another credit card, please watch out for the fees to make this transfer.   Depending on the bank, it could be 4% or 5%.   You need to weigh the overall costs of the transfer fee and the interest charged on the new account.  Please call the bank to see if they can freeze your account so no new fees and interest are added to it.   Call the 800 number on the statement.   Stop adding to your credit and focus on paying it down.


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