Jeff writes: I’m about $5500 in credit card debt that I want to get out of before I go back to school in August. I’m thinking of taking up these offers for low interest rates on balance transfers I get in the mail from new cards. Is it worth the hassle? Will it adversely affect my credit rating? Can I know my credit limit before I apply so that I can see whether or not I can transfer a substantial amount?

Hi Jeff,

Thanks for reading, and thanks for your question. Congrats on deciding to get out of that debt so soon…I wish you all the best in getting it done.

I don’t know the interest rates you’re currently paying, but I’m going to guess the average is around 14.9% — maybe more. Since you have 6 months before school, that means it will take six monthly payments of $958. That’s a big chunk of cash each month, but if you can do it, getting debt-free is the best way you can possibly use that money. Now onto your question: Will a 0% balance transfer offer or two help? Continued