How much do you rely on others (friends/family, colleagues, blogs, etc.) advice for your financial decisions? I certainly like gathering information and then making a qualified decision from there. And, being in the currently debt situation that we are in, I certainly wouldn't qualify myself as an expert. So, I take all the help I can get.
One item that I reached out to a financial message board on is whether we should move the balance of one of our credit cards (approx. $6800) over to the 0% credit card that we recently received. I had moved over the balance of 2 cards but was hesitating to move the final one as the rates were lower (5% and 12% - split across the card) than most credit card rates. And I felt that we wouldn't have all of the cc balances paid off by next March when the rate of the 0% card increases to 19.9%. So, then I'd have a large balance at 19.9%. But someone had a good point, move it now and we wouldn't be paying any interest on any cards at all this year. Duh!!! Made perfect sense. So, I sent the cheque off on Monday to transfer the balance. Once all is settled, I'm going to close the credit card where I am transferring from. I have no loyalty to that card other than the lower interest rate. I have kept some of my other cards as the will be used for work expenses or paying for items with them so that we can get the rewards. Then we'll just pay that card off right away. Then, when next March rolls around, whatever balance is left on the 0% card, we'll just find another 0% interest cc.... or a LOC or something like that at a much lower rate. And it means only worrying about paying one credit card. I think it's a good decision all around.
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