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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: TheInsuranceMan on August 19, 2015, 02:04:21 PM

Title: Transferring debt to a 0% card?
Post by: TheInsuranceMan on August 19, 2015, 02:04:21 PM
Alright, so we've been a bit un-mustachean lately...
I have about 6k owed in between a credit card, a 0% card (9 months no interest), and hospital bills from having our daughter. 
Is there any easily used cards that I can transfer this debt to that will be a 0% interest card?

We have 750 credit scores, so I don't think we'll have an issue getting the limit to be able to do so.  Just looking for input
Title: Re: Transferring debt to a 0% card?
Post by: frugaliknowit on August 19, 2015, 02:10:43 PM
Is the hospital bill on a credit card?

If so, just shop  (creditcards.com, bankrate.com, etc.) for a card with "0% for one year on balance transfers (without a fee)".  Hopefully you can pay it off within the timeframe.  If the hospital bill is not on a cc, see if the new card is 0% on new purchases, in which case put it on the card if you can or put it on an existing cc, then transfer everything to the (hopefully) new 0% on transfers card.
Title: Re: Transferring debt to a 0% card?
Post by: TheInsuranceMan on August 19, 2015, 02:12:47 PM
Is the hospital bill on a credit card?

If so, just shop  (creditcards.com, bankrate.com, etc.) for a card with "0% for one year on balance transfers (without a fee)".  Hopefully you can pay it off within the timeframe.  If the hospital bill is not on a cc, see if the new card is 0% on new purchases, in which case put it on the card if you can or put it on an existing cc, then transfer everything to the (hopefully) new 0% on transfers card.

No, it's 0% interest paid monthly at the hospital.  not a huge deal, but it's still nickle and diming me every month.
Title: Re: Transferring debt to a 0% card?
Post by: forummm on August 19, 2015, 05:04:04 PM
Is the hospital bill on a credit card?

If so, just shop  (creditcards.com, bankrate.com, etc.) for a card with "0% for one year on balance transfers (without a fee)".  Hopefully you can pay it off within the timeframe.  If the hospital bill is not on a cc, see if the new card is 0% on new purchases, in which case put it on the card if you can or put it on an existing cc, then transfer everything to the (hopefully) new 0% on transfers card.

No, it's 0% interest paid monthly at the hospital.  not a huge deal, but it's still nickle and diming me every month.

Transferring a 0% hospital debt to a credit card that could jump up to 30% is crazy.
Title: Re: Transferring debt to a 0% card?
Post by: kpd905 on August 19, 2015, 08:29:31 PM
If you still havent paid off that credit card before the 0% rate jumps, then look into transferring to Chase Slate. 0% for I think 18 months, and no transfer fee.
Title: Re: Transferring debt to a 0% card?
Post by: tvan on August 19, 2015, 09:02:33 PM
How does a zero percent loan nickle and dime you?  What are you paying in interest of its zero percent? 

It sounds more like you are trying to lower monthly payments?