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A friend of mine keeps opening new credit card accounts with the promise she’ll have 0% interest for six months, or whatever. Then, just before the expiration of that time, she opens another and transfers to balance, enabling her to always have 0% and pay off larger amounts. Complicated? A viable method of debt management?
Comments
This is a way to treat the symptoms and not the cause. Borrowing from Peter to pay Paul can work for awhile, but soon or later it becomes harder and harder to juggle all of the balls. It can also negatively affect your credit score.