FMOOD 0035: A Trick That No Longer Works

Remember the days when you could call your credit card company and negotiate a lower APR by suggesting that you would move the balance to a competing card if they didn't comply? I tried this recently and found out that this trick simply doesn't work. It took me by surprise.   Now, moving a balance from card to card isn't always the best idea. Especially if you think that you may keep the card open where you transferred the balance from and end up getting yourself into trouble with it all over again (in addition to the new card that you used for the balance transfer!). If you close out the other card, that's probably the best idea. Even if it dings your FICO score temporarily, it's worth it in the long run if you think that you might be tempted to run up another balance on the old card.   If you do decide to keep it to use for small purchases and pay them off faithfully, then that's your choice. The bottom line is this: moving a balance from one card to another does not qualify as paying off debt. It's a lateral move. It's neutral, not positive. Stick to the plan to continue to truly pay off debt, even if you use a balance transfer to save some money on interest along the way.   If you liked this show so far, please take a minute to subscribe to the show, rate it, and leave a review. Your positive and kind words are always appreciated.   Visit the http://followmeoutofdebt.com website to read my blog and get my latest status updates on my personal journey out of debt and into prosperity!

Om Podcasten

The Follow Me Out of Debt podcast is an easily-digestible show that's a unique peek into Tom's personal strategies that will show you what works (and what doesn't) to get out of debt and get into prosperity. This isn't your typical get-out-of-debt show like others you may have heard before from other well-known authors and show hosts, including Dave Ramsey, Clark Howard, and others. Instead, Tom is taking only the best and most recent and relevant information that's out there and distilling this into his own exclusive brand of successful and time-tested strategies that will help you to get out of debt and get into prosperity.