During the Financial Learning Experience, I regularly point people with high balances on high interest credit cards to consider rolling that debt over to a 0% credit card. During late 2008 and early 2009, the 0% balance transfer credit card offers really dried up, but we have seen them freeing up lending lately. In fact , we have found that Discover is now offering 0% for twelve months (it was six months) and have lowered the transfer fee to 4% (it was 5% when it was last at twelve months).
Our team keeps a running list of 0% Balance Transfer Credit Card offers on our Next Steps site HERE.
And, of course, here is my statement on that page that emphasizes that this is a tool to ELIMINATE credit card debt, not OBTAIN it!
Statement from I Was Broke. Now I’m Not.’s Next Steps page:
If you are here to acquire new debt, this is not the page for you. I highly recommend that you prepare a written budget, calculate your debt freedom date, find out just how much interest you are paying every month, and pursue debt freedom.
Need help learning how to use all of these tools? Purchase a copy of I Was Broke. Now I’m Not. HERE.
Next Steps 0% Credit Card Balance Transfer links were created for people who are looking to gain traction on their march toward financial freedom by restructuring their existing high interest debt to zero percent interest so that ALL of the payment is applied toward the debt balance.