Balance Transfer Cards Solve Debt Created By Balance Transfer Cards

Financial media discovered a three-step plan to eliminate credit card debt. Step one involves applying for a new credit card. Revolutionary.

The balance transfer card promises 0% interest for a limited time. You move your debt from the card charging you 29% to the card charging you nothing. Then you pay it off before the promotional period ends and the rate jumps to 31%. Simple.

Except you didn't pay off the last balance transfer card. Or the one before that. You've been transferring balances since 2019. Your credit report reads like a game of hot potato played with money you don't have.

The article suggests comparing details before applying. Smart advice for people who compared details before buying a Peloton on credit at 27% APR. That's everyone who needs this article.

Step two is making a payment plan. Step three is sticking to it. Groundbreaking stuff. Nobody thought of paying off debt by making payments. This is like publishing a diet plan that says eat less food.

The real innovation here is solving debt by acquiring more credit cards. It's the financial equivalent of treating alcoholism with a wine subscription. But this time it'll work because the interest rate is temporarily lower.

You know what else has a 0% interest rate? Not buying things.

The balance transfer fee is 3% to 5% of the amount transferred. You're paying hundreds of dollars for the privilege of moving your debt to a new address. It's like hiring movers for your financial mistakes.

Here's the actual three-step plan. Stop spending money you don't have. Pay more than the minimum. Don't apply for another f*cking credit card. But that article gets zero clicks because it doesn't promise a hack.

Photo by Avery Evans on Unsplash