Moving debt around is a temporary solution, but it can be a first step in getting your debt paid off by getting it all in one place.
Using a credit card to pay off a debt is really only moving the debt from one place to another. But if you can get a better interest rate by putting the debt on your card, then it would be a wise move. This is also a good idea if you are paying on multiple debts, since getting them all in one place can make paying a lot more simple. If you have a new credit card and you are ready to transfer your debt to it, then take a few minutes to look at your options and then make your move.
Instructions
1. Activate your new credit card. Usually the new card comes with a sticker on it, and you must call and enter the card number to begin using it.
2. Read the card terms of service to check any interest rates and/or fees you will have to pay for a balance transfer. If your new card did not come with a paper containing the card terms, call the institution that issued you the card and request this information.
3. Pay off your debt if it is with a company by calling it and telling it you want to pay your balance with your card. You will need to give them your name and address, the card number, expiration date, and the card verification value (CVV) number. Ask for a receipt once the transaction is done. (It should be able to email one right away.)
4. You can do a balance transfer from another credit card over the phone or online, whichever you are more comfortable with. If you do it over the phone, call the institution that issued your new card and tell the representative you want to do a balance transfer. You will need the credit card number for the other card you want to pay off. If you want to pay multiple cards, let the representative know you need to do more than one balance transfer, and have all the card numbers ready.
5. Go to the website of the institution that issued your new card. Most banks will allow you to do a balance transfer online by signing in with your user name and password and selecting "balance transfer" from your account page. If you do not see this option, try searching the company's website or calling its customer service line to ask where it is. Once you have located the menu for balance transfers, the website will walk you through the process. Again, you will need your new card and the numbers for the card you want to pay off.
6. Pay more than the minimum payments due on your card every month. Now that you have paid the old debt, you have a new one on this card. In order to permanently get rid of the debt, you must pay as much money as you can on your new card.
7. Do not use any of your credit cards to run up new debt. In order to pay the debt off and keep it gone for good, you must make regular payments and stop reckless spending.
Tags: your card, balance transfer, credit card, card number, institution that