buy time to pay off debt w/ 0% balance transfer

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Joined: Mon Nov 05, 2012 4:45 pm
Location: Los Angeles CA

buy time to pay off debt w/ 0% balance transfer

Postby Waily » Mon Nov 05, 2012 6:29 pm

Apologies for length. Thanks in advance.

Till I got into a cash crunch and had to use the zero-interest promotional checks sent by my card company to pay for school last year, my balance was always within the recommended 30% of my credit limit and I paid my balances on time and in full. Now my card is almost maxed out from the check cash advances and the zero interest on my balance is set to expire. Cash is short and sporadic, but I've been making minimum payments on time.

First question. I'm looking to buy time until my income becomes more regular and I can pay more than the minimum due. I could use 0% interest on my balance for another 12-18 months. What are my chances of doing a zero-interest balance transfer to a new card, given that my existing balance is almost up to my credit limit and I keep only the bare minimum in my savings account? Is that realistic?

If not, since I have the means to pay off about a quarter or a third of the balance, will it make a difference to do so? One clear benefit is I reduce the balance on which the card company will soon be collecting a much higher interest rate with the expiry of the 0% promotion. But will it significantly increase my chances of doing a zero-interest transfer of the remaining balance to a new card? Thanks!

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