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Should I Transfer My Credit Card Balance To A 0% Interest Account?

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No, INTEREST IS THE PROBLEM
Comment from : @notaytguru8214

A lot of Dave Ramsey's advice is nuts Just do tge transfer, and pay it off before the introductory period
Comment from : @rogerdodger6877

Jason Hey my wife and i got married 11 months ago and shes Ruining my life Lmao 🤣 🤣 how do u get a Transfer
Comment from : @calidog447

Even though they say its 0, the transfer fee makes it an automatic 3-5 loan but that's still better than the current rates
Comment from : @chris76-01

In this time Cutting card is not a solution for not using card We have cards in our phones lol
Comment from : @afterthecut

I’ve done this for years, especially given what interest rates run these days (30) The key is what Dave mentioned You MUST pay this off during the terms of the transfer
Comment from : @ultramet

What if both of my cards are at 29 interest rate and i owe a little over $7,000 would that amount be approved and if so would it be better to transfer to a 0 apr for 18 billing cycles credit card ? And if so would it be more affortable? Im new to all this!
Comment from : @diamondortiz7324

Couldn't get approved for a balance transfer due to a recent loan so the only option is to aggressively pay down the balance Wish me luck!
Comment from : @annatheawesome1

Great advice 😅😅😅😅😅❤
Comment from : @waltergarcia6136

That $1200 a year looking more like $2400 a year now, plus with my $45-50k annual, I think I'm getting a balance transfer 😭
Comment from : @jobeporter1288

I think Dave shifted his advice over the years to avoid consolidating debt because it disrupts the debt snowball That is because the debt snowball relies on small debts being settled quickly to increase motivation
Comment from : @yoavmor9002

Dave you failed to educate your caller about how a credit card actually works and that it is an instrument granting him access to the credits that are already in his cestui que trust I've explained this in detail in a video I just uploaded on my channel
Comment from : @TheFreedomStudioChannel

Love Dave's "tough on debt" takes!!
Comment from : @TheSoulCrisis

Interest IS the problem!! My interest charge is 450 bucks outta the grand I drop in my card I transferred balance over to a zero interest card and paid it off in 13 months! How can you say the 450 monthly interest charge is not the issue ?? If I had to pay the interest it woulda took me 1003 years to pay it off !!!
Comment from : @JordanWest-s6b

His advice 7 years ago is that 10 of the problem is interest rates Now given the high credit card interest rates, it increased Interest rates on credit cards are now 20 of the problem So do the balance transfer and pay it off before they raise the rates back up
Comment from : @SiXiam

Paying off $22k on $75k income is crazy let’s not kid ourselves here
Comment from : @crich695

I assumed everyone was being attacked after watching this 😂 especially Jason He was the target, not the interest
Comment from : @coalitoncoup

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Comment from : @Bensnsnajebe

Dave wants to keep you in debt
Comment from : @flowerytrailsfarm7261

Any recomendations for a credit card to do a balance transfer for someone with bad credit?
Comment from : @ilanarevalo9488

Does doing a Credit Balance Transfer result in closed accounts for the credit card being transferred?
Comment from : @MarciesChannel

In my situation, going from an interest card to a 0 for 21 months for example, that card would be paid off so much faster Right now I am paying interest and a portion of my card off, and I rather pay the portion than the interest because this damn interest is not doing me any favors right now
Comment from : @amyroseauthorofficial

Just came to drop a dislike LOL
Comment from : @ZERVVREZ

APR IS 30 IN 2023 RECESSION IS UPON US
Comment from : @japanesecinema6736

Yes the behavior is THE MAIN PROBLEM but having a small bone of $1200 in savings is still okay to do if you attack the behavior For me- my interest was near $3000 on $5500 in debt Best believe I transferred it to a 21 month no interest card
Comment from : @brandhark7935

A 0 interest balance transfer is indeed helpful but I absolutely agree that the danger is in getting "comfortable" and not paying off the new card either brbrWealthy individuals recycling asset debts like (refinancing mortgages, etc) among other assets for taxes and growth is a totally different story, credit card debts are usually living beyond means or having sudden emergencies, fair enough - regardless of the case, it's the lack of financial strategy that is the primary issue if the debt is hurting your finances and assets The credit card isn't generally tied to an asset that is growing way way beyond the value of the debt when one is having to make payments and doesn't have a single sell off option of an associated asset with profit beyond the debt and interest - though it is possible a card could have been used carefully for an asset that grew rapidly and payments kept interest at bay (financial strategy was strong and fanatical from the start though)
Comment from : @JimmyJaxJellyStax

Do the transfer
Comment from : @travismcpherson9847

Great advise 👏
Comment from : @othomophoto8433

is it worth it if i do a balnce transfer with a bill of 2800 on one card and 5500 on another? both have pretty high interest rates
Comment from : @kashonbrown9088

Blew his mind when Dave said you can pay off 22k in a year right?
Comment from : @morgenholz

The interest rate is my problem
Comment from : @LilGrimey5Star

Dave Ramsay is speaking advice to a generation that will be completely out of jobs and BROKE if they don't leverage debt to make money He is ruining peoples lives, sad to see This advice was great for a 20 year old in 1980
Comment from : @spacecash9721

balance transfer fee is a killer
Comment from : @nickphillips5390

Dave makes a very good point !!brThis guys just moving it from one place to another but the debt is still there and the debt needs to be paid off !! Moving it around doesn’t make the balance any less !! Duh 🙄!!brHe needs to put money into it !! Duh 🙄!!
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Comment from : @tolulopedeborah1609

Just did this a few minutes ago, thanks for the advice I'll pay it off in under 18 monthsit's only $2800
Comment from : @DrynisDramula

double message
Comment from : @ClearOutSamskaras

Thanks so much
Comment from : @lakeytahill3835

TY for your help and advice, i just did a balance transfer and i am CHANGING MY WAYS! :)
Comment from : @beeteezee3633

Cut the other cards so u dont start using them again I am a creature of habit and that blue card is my go to lol
Comment from : @rosa121070

It appears that the balance transfer fee of 3 - 5 would kill you even if the APR is 0 in 12 months Am I right?
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Comment from : @tomskinhenderson5334

What is "0 interest"? Did he mean "0 interest with 3 balance transfer fee"? (I haven't seen too many 0 interest offers that don't have a balance transfer fee)
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Comment from : @jacquelinekaybloom3904

Ramsey advice: just pay it off, stupid! Don't get wise about saving money, just pay it off! Dude is an idiot
Comment from : @meowzic

I recently posted how I used $25k in balance transfers to pay down my mortgage I'm almost done paying them and can't wait to redo the process
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Comment from : @lynchkenna9238

I'm leery to pay it all off I may keep a small balance, just to remind me not to do it again How quickly I forget, yet it takes years to pay it offlol
Comment from : @Frank020

Who’s watching in 2020 and believe that he’s still paying for that? After he said to call the credit-card company to know what would be the interested rate after 18 months I was like 🤦🏻‍♂️ hahaha
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Comment from : @lewisbilly1660

How does how balance transfer's interest work? I understand you are moving money from one account to another usually there is a 3 fee Most card has a 0 interest only on new purchase not balance transfer and you still do need to pay the minimal payment but what would the interest be? 0 or the term listed when you did the balance transfer?
Comment from : @amherst2013

Yes you should This is obvious
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Comment from : @tamiehampton658

"The danger is feeling like you did something" so true lol
Comment from : @kalicloud1843

Talking numbers, you should do this
Comment from : @spidertiger6374

4 years later and its still relevant today seeking the advice i need thanks dave and great question Jason im in your position now, move the balance still gazelle
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Comment from : @manuelesmejorquetu6922

Is it true if you do a balance transfer, the card that gets zero out balance age of the account restarts over? Plus it lowers your credit score?
Comment from : @mrz3161

This guys a joke To tell him $1,200 wouldn't hurt! Idiot
Comment from : @BUGZYFANG

Very good advice
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Comment from : @patshanaebrown681

One thing to remember is that you might not get approved for the entire amount of your debt This guy needs to get approved at the start for a $12,000 credit limitbrSo you might just end up opening another credit card for nothing
Comment from : @JWalton314

Why didn't teamsters in financial debt take out Jimmy hoffa CREDITCARDS???
Comment from : @bambipardis1105

what if your are not eligible for a zero percent offer? what do you do when the cc companies wont offer your any less apr other than 24
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Comment from : @blackpanther4785

I just got approved for 0 through Citi AAdvantage mile up card for $1400 and I have 2 credit cards about almost $600 I will pay off quickly and at the same time earn some miles so I’ll be happy, glad I was approved even with the 0 interest for 9 months
Comment from : @jorgenvonstrangle000

You have to be careful though some cards have a clause that if you're not paid off after 12-18 months they add a balloon interest charge
Comment from : @ThePeterDislikeShow

But you'll feel like you did something at the end when you paid it off if you stuck to the plan But it's important to never fall back on the same old patterns tho
Comment from : @catllionare

Can I transfer like a couple thousand at a time on to one card or does it have to he all or nothing? The low interest card has a smaller limit than the higher interest card I figure I can pay it off within the 18 months if I do it this way
Comment from : @jorollenola8320

Ramsey is right here If you do the transfer you better be super aggressive on paying off the debt as fast as you can and not create any new debt which is always the danger Change the behavior and kill this enemy called debt I'm winning now because ive changed my behavior Thank you Lord for wisdom
Comment from : @isaacortiz9194

Move the money to the 0 balance card and stick to the plan and pay it off and cut up your card simple but move it though
Comment from : @ronwhiteleo3352

He should also check the new credit card's interest rate after the 0 APR period If he's not as diligent as he's planning to be in paying this off quickly, he may end up consolidating his debt into a credit card with 15-30 interest rate after the promotional period
Comment from : @RoyceCCG

My coworker says for years he kept moving his balance to various cc companies who gave him no interest, he would do so before the interest would be added n save a ton!
Comment from : @charleshzlet3700