Using a Balance Transfer Responsibly
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How should I make sure I get the most out of my balance transfer?
If you need to do a credit card balance transfer, you might also benefit from taking an objective look at your use of credit and relearning how to use credit responsibly so that the balance transfer can help get you out of debt, rather than give you more time to get deeper into it.
Steps for Responsible Credit Card Use
- When you transfer the balance of your credit cards, do not accumulate any additional debt. That way, when you pat off the balance transfer amount, you'll have made a real difference in your financial future.
- Adjust your budget to increase your payments. If you can increase your credit card payments after a balance transfer, it's possible you can pay off your balance before the low- or no-interest offer ends and you have to pay interest again.
- Pay off all other balances monthly. If you continue to use your credit cards after a balance transfer, be sure to pay your balances off in full each month so that you do not accrue any interest.