Pay off a credit card with another lower interest credit card?
Kevin H asked:
Ok so I have a credit card that has a balance of almost $6,000. The minimum payments are $179.00 each month. This card is insane. The interest is 29.9%. I was possibly thinking that I would get a pre-approved credit card I was offered in the mail for a $5000.00 dollar credit limit. And just pay the other $1000.00 myself. The pre-approved credit card has a fixed interest rate of 19.3%. Thats way lower then my current one. And then when I paid it off I would close it. I know it would look bad but I can’t stand the interest on that one.
What do you think?
And don’t say just pay it off cause I DON’T have $6000 just laying around and I have 5 other credit card that I have to pay off.
Audrey
Ok so I have a credit card that has a balance of almost $6,000. The minimum payments are $179.00 each month. This card is insane. The interest is 29.9%. I was possibly thinking that I would get a pre-approved credit card I was offered in the mail for a $5000.00 dollar credit limit. And just pay the other $1000.00 myself. The pre-approved credit card has a fixed interest rate of 19.3%. Thats way lower then my current one. And then when I paid it off I would close it. I know it would look bad but I can’t stand the interest on that one.
What do you think?
And don’t say just pay it off cause I DON’T have $6000 just laying around and I have 5 other credit card that I have to pay off.
Audrey
