So when i was fresh out of high school, i managed to get a loan. I paid it off and that gave me enough credit history to get a credit card. Instead of being responsible, i lived outside of my own means and ended up with about 2k of debt. Of course, my credit card got shut down and ive been chipping away at it ever since. Im now down to about 1200 but im definitely paying way more than i should be as im sure the company is charging way more interest than when it was still open. My brother has told me that i can load all this debt into another card with less interest and just try to pay it off as fast as possible. Now im no financial expert(obviously) so im just curious as to how that works. This thing is burning down my credit score slowly so i really just wanna fix it as fast as possible. Could i fix this through another credit card? Any other less risky methods to fix this without paying so much interest?
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Given it’s $1200 I would just save enough to pay it off asap.
It’s called a balance transfer and yes you may be able to get a lower rate than what you’re paying right now, possibly even 0% for a certain period of time.
If it’s going to take you longer than a few months to pay this off then it might be worth a shot.
What is your living situation, and what are your monthly expenses compared to your income? I would say just live below your means as much as possible and just pay the $1200 off as quick as possible. No need to go through the hassle of transferring this small amount of debt.
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