prosperityseeker

Many of you may be wondering if you can use a credit card for debt repair. Well, my answer is, it depend on you, your situation and the credit card you’ll use for debt repair. For instance, let’s say that you have a credit card that has 19.8% interest and you get an offer in the mail for credit card debt repair with an interest rate of 9.8%. Well, of course, in this instance it would make sense to use the lower interest credit card to pay down the higher interest card.

However, if you are just planning on paying the higher interest credit card down and then charging it back up then that doesn’t make any sense at all because this transferrance could get you in even more debt. So for someone like you,  that would just be downright dumb. 

So, my advice about credit card debt repair |is to only use it  if you are really going to follow through with the plan and work diligently to pay off the transferred debt instead of just letting it sit there and costing you money. If however, you are tempted to only charge it off then don’t do it.

In addition, here are a couple of more credit card debt repair tips:

• Make sure that you understand the terms of the transferred debt. For instance, how long will it last? Is if short term or long term?
• Negotiate with the higher interest credit card. Use the offer to negotiate for a lower rate with the higher interest card. After all, you may even get a lower rate than the offer and then you won’t have to worry about transferring the balance at all.

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