Hello friends!
A friend of mine (see: not me) was looking for some advice on paying down some credit card balances. I mentioned that I had had some really excellent advice given to me in this forum, so they asked if I could pick all of your brains for some advice/recommendations.
My friend has about $5000 in credit card debt and researched around on ways to reduce the debt without incurring the heavy interest fees. Here are the particulars:
Credit card One: Capital One Platinum Mastercard
- Owe: $1,105
- APR: 23.15%
- Monthly Payment: $64
Credit card Two: Capital One QuickSilverOne
- Owe: $3,940
- APR: 23.15%
- Monthly Payment: $120
In their research, they stumbled across this article (
https://www.nerdwallet.com/blog/credit-cards/chase-slate-review/), which recommends the Chase Slate card as a means of transferring your balances and then paying them down. They praise the card for the following reasons:
- 15 months 0% APR
- $0 annual fee
- $0 introductory balance transfer fee (5% fee in 60 days after opening)
These are my questions: - is this a sound strategy considering my friend's case and assuming they have good enough credit to qualify for this card?
- Has anyone heard of better cards out there for handling situations such as these?
- In addition, any general advice/tips/hacks for paying down credit cards (other than typical Mustachian strategies) would be VERY much appreciated.
As always, thank you for any help!