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How Credit Card Balance Transfers Saved My Credit

Sometimes, credit card balance transfers are a really great idea that can save you a large amount of money. Take it from me; I know a lot more about high credit card balances and credit card debt than I would like to admit. Balance transfers were really helpful to me when I was trying to pay down debt; they really helped me not have to pay such sky-high interest.

I was a stupid college kid; got my first credit card offer in the mail about a week after I graduated high school. I got my first store credit card the day after I got my student ID because I had a friend that worked at the store who talked me into it. I don't know if this is the case anymore, but for some reason back then Maurice's required a student ID to get a store credit card. Before the end of my freshman year, I had 2 major credit cards and 3 store-specific ones; plus I had purchased a computer on credit. I didn't even have a job that year; clearly I wasn't the best financial planner.

By the end of my sophomore year, my credit card debt was through the roof and my spending had gotten out of control. I still wasn't working, just had taken out extra in student loans to live off of and make my payments. My parents were hardly sympathetic, so I was pretty much on my own.

I decided that I had to start paying it down or I was going ruin my credit and really hurt myself in the future. I had gotten several balance transfer offers but never really paid attention to them; so I just called the 2 different credit card companies I had and found who had the better offer. I ended up transferring the balance from my biggest card, over $1000, to my other card; doing this allowed me to get a really great interest rate on the entire balance. I saved hundreds in interest! I still had to worry about that balance, and my store credit cards, but just having one bill to deal with was more convenient.

Thankfully, I was able to pay off my debt. I cut up my credit cards and haven't looked back, although I've been tempted. I do have more student loan debt than I should, but at least those are fixed rates. Credit card balance transfers really helped me a lot; I think it was a really wise decision given the circumstances.

Fri, 27 Mar 2009 22:50:40 +0000

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