Ask Terry Questions Credit Card Debt

Credit Card Debt

By Terry Savage on October 03, 2023 | Credit/Debt

Hi Terry, My wife and I have about 52K in credit card debt. We moved into a new home almost 3 years ago. Spent a lot of money getting the house move in ready. I’m working full time. One of my checks goes to pay the minimums on the cards. Other check goes to mortgage. Wife is working part time. Her checks go for groceries and utilities. She will try to go to full time next year after one of our kids gets full time in school. As of right now I have excelant to good credit. I was going to start doing balance transfers to zero balance. Not sure what else we can do.

Terry Says

If you can handle this debt on an ongoing basis — AND make a dent in the principal — then just keep on doing this.
To find a balance transfer card that works, read this:

But just remember, when the zero-interest period ends, the rates will jump up sharply. OUt of the frying pan and into the fire! So you MUST pay down the balance significantly during the “free” period to make this work.



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