Playing the “B” Card
When you are trying to get out of credit card debt, sometimes desperate times call for desperate measures. There is a progression of alternatives most people go through in trying to find ways to drive that credit card debt problem down and get it under control. At first just trying to pay them off month to month seems reasonable. But as the debts mount up, more creative measures are often tried.
It is when you take that next step of leveraging debt against debt that you know things are getting out of control. This is when you start paying off one credit card with another. Now there are reasons to do this such as moving debt from a high interest account to another that is doing business more favorably for you. But you have to watch those “deals” because often there are transfer fees or other hidden charges to sneak up on you. And if the lower rate is a “limited time offer”, the advantage of the lower interest rate for a few months may not be worth the extra fees. And if that new credit card carrier then jacks your fees up higher than they were on the old creditor, you are worse off than before.
