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Overheard my neighbor bragging about her 0% APR credit card balance transfers
I was pulling weeds last Saturday and heard her on the phone saying she rolled over $12,000 in debt to a new card with zero interest for 18 months. She sounded so proud of herself, like she'd found a magic trick. But all I could think is that she's just kicking the can down the road while probably adding a 3% transfer fee on top. Has anyone here actually paid off a big balance that way, or did you just end up deeper in the hole when the rate jumped back up?
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rileyowens3d ago
My buddy Dave did this with his wedding expenses (bad idea from the start, honestly) and managed to pay off about $8,000 in the first 12 months, but then he lost his job and the other $4,000 hit him with 22% interest. He still talks about how that "free money" period was the most stressful year of his life because every month he was just chasing the next balance transfer to keep things afloat.
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