CREDIT-CARD BALANCE TRANSFER STRATEGIES
* MAKE SURE THE NEW CARD'S LOWER APR IS GOOD FOR AT LEAST NINE MONTHS. Use those nine months to pay off that balance. Then if the APR jumps after those nine months, transfer to another card with an APR you can live with.
* LOOK OUT FOR TRANSFER FEES. Some lower-rate cards charge you a fee to transfer your balance -- as much as four percent of your balance! Shop those cards: www.lowcards.com
* NO NEW PURCHASES! Transfer the balance, pay it off under the lower rate and leave that card alone!
* KEEP DEBT AT 30% OF AVAILABLE CREDIT. That will help you make at least your minimum payment, if not more. Late payments show up on your credit report for seven years, so be disciplined in paying them.
Source: WREG-TV Memphis
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