Pay high interest card or wait and get a balance transfer?

souloho

I've been with my current employer 2 months where I'm earning more money than I was previously and I have applied for a credit card within the last 12 months when I was on my old salary. I understand I should probably wait 4-6 months before applying for another balance transfer card.

I'm trying to clear the debt on my current credit card of which I'm paying 25.95% interest. Does it make sense to save as much as I can for 4-6 months, try to get a balance transfer than use the saved money on a new 0% credit card while paying the minimum on the current credit card. Or should I throw everything I can at my current credit card? Will it make a difference?

grumbler

souloho wrote: »

.....Does it make sense to ....try to get a balance transfer than use the saved money on a new 0% credit card ....

Not to me...


Ignoring this, what's the point in paying high interest rate and saving at the same time? You can't keep transferring the balance forever. Pay as much as you can, then transfer the balance, keep saving while 0% lasts, then pay the balance off.

CLAPTON

souloho wrote: »

I've been with my current employer 2 months where I'm earning more money than I was previously and I have applied for a credit card within the last 12 months when I was on my old salary. I understand I should probably wait 4-6 months before applying for another balance transfer card.

I'm trying to clear the debt on my current credit card of which I'm paying 25.95% interest. Does it make sense to save as much as I can for 4-6 months, try to get a balance transfer than use the saved money on a new 0% credit card while paying the minimum on the current credit card. Or should I throw everything I can at my current credit card? Will it make a difference?

no point paying 25.9% on your debts if you have savings earning say 1%
pay as much off on the CC as you can




no harm in applying for a 0% BT card too.