Is it smart to transfer credit card debt to a new card?

I'm pretty close to the maximum limit on my credit card (I owe $7,200 and the limit is $7,500). I've already cut up the card and changed my spending habits and I'm pace to pay it off over the next 12-18 months. Problem is, the interest is killing me. If I pay the minimum monthly balance of $300 then the next month I get charged $200 in interest, so my monthly payments are barely chipping away at the balance. Is it smart to apply for a new card with zero interest on balance transfers and transfer my balance? If I could get 12 months of no interest then I could bring the balance down significantly and get close to zero, but I hear that doing this affects my credit score, at least during the short term. Should I stick with my card?|||Eliminating high interest credit cards by transferring to a card with a lower rate can help you save a great deal of money, allowing you to regain control of your finances. However, it is important that you understand all of the terms and conditions of your new credit card before committing enrollment. You want to make certain that the card offer is fair and that you are truly going to benefit from it. Featured are tips that will help you choose and use the right credit card for transferring balances.





Pre-determining interest rates





Most balance transfer offers are good for only the first 6-9 months of enrollment. At the conclusion of the introductory rate, the card will convert to a more standard rate, typically between 14-20%. It is important that you determine what the interest rate is going to be once the intro rate is over. If you are not sure what interest rate the card is going to be charging at the conclusion of the intro offer, call the issuer and find out. Read more about it at: http://www.credit-card-gallery.com/artic鈥?/a>|||If you have cut up your old card, and do not spend on the new one, then there is nothing at all wrong with doing this - in fact, prompt payment of debts can only help your credit rating.|||Hi,


I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:


http://www.jdoqocy.com/click-1813149-10467845|||If you can get a new card that will ACCEPT The full balance transfer at a 0% interest rate for a year. GO FOR IT! Just keep the other account open and make sure you do not get a new replacement card in it's place. Then pick away at paying it off. Once you have it almost paid off, then close the first account and your credit report will be OK. Don't stick with this card....they are getting too much interest from you.





Just make sure you stop using credit cards now and get them paid off.





Once you get your balance paid off, you can call the credit card issuer and ask them to put a lower available credit line on your credit card. Say they give you a $8000 limit, after you get it paid off, ask for a $4000 limit and then you have a card for emergencies and you won't end up in such high credit card debt again.





You can also ask the issuer to NOT give you any credit line increases without you asking for them. This will help prevent you from using credit you don't need to be using right now.





Also, one last thing, make sure that when you do the balance transfer it is FREE and that they are not going to charge you 2% or any of that. Some of them will give you a flat 2% or a maximum of $50.00. I would say that is OK considering the amount of money you are throwing away on interest right now.





Good luck :o)