Debt Diet Oprah Transferring Credit Payments

Transferring your credit card balance to another credit card company

SITUATION: Your credit card company will not lower your interest rates so you are looking
for another credit card company to assume your debt. This means that the "new company" will pay the old company-- in full --for you and take over your loan. You pay them from now on.

This is like a second mortgage. Not a good idea for some...but maybe for others. The "new credit card company" that wants your business, expects you to be in bad financial trouble which means you might be late one payment.

And. if the small print of the contract reads something like this, "should you be late your offer for a zero A.P.R is null and void and your new interest rate will be set by the company".

Then you must ask yourself one serious questions that will save your butt.

Question 1. Are you completely confident that you will never be late, never just pay the minimum, and use it for small purchases?

If the answer is no, then do not transfer your debt.

If the answer is yes then this is a good option for you.

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