Transferring credit card balance affecting credit rating???

BRA10J

Can anyone please help me? I am a new graduate who is desperately trying to get her finances sorted out, and failing miserably. I have quite a large outstanding balance on my credit card which i really want to pay of ASAP. My friends who are in similar situations have transferred their balances from card to card when the 0% period runs out. Ive heard that doing this too often affects your credit rating...is this true? And does anyone have any advice for paying off credit card debts super quick???

Clariman

Transferring the debt to a credit card offering 0% is a good idea because it gives you the opportunity to pay it off more quickly (since no interest is accumulating, everything you pay goes towards paying off the debt rather than part interest & part debt). Applying for loads of cards time and time again would have a negative effect on your credit rating, but doing it a few times is unlikely to cause any problems whatsoever - provided you have always paid on time etc.

However, do not treat the 0% offers as "get out of jail free" cards ... you still need to make a concerted effort to pay off the debt. Use the 0% period to help you do that, rather than seeing it as a way to keep the debt ball up in the air.

Clariman