‘Looking to transfer my $12k credit card debt to 0% interest for 21 months’: I want to pay off debt faster. How do I transfer my balance and close out my current cards?

Hi Money Minder,

I need help transferring my $12,000 credit card debt to a %0 interest for 21 months (Wells Fargo Reflect Card). Can you give me some advice on how to make this happen? Should I close out the cards that currently have the debt on them?

Thanks a bunch,

Curious Cardholder

Response from THE MONEY MINDER:

Hello There,

I understand that transferring your $12k credit card debt to a 0% interest rate for 21 months can be a strategic move to help pay it down quicker. In order to transfer your debt to the Wells Fargo Reflect Card, you would typically need to apply for the card and, if approved, arrange the balance transfer through the credit card company.

As for closing out the cards that currently hold the debt, it is not necessary to close them immediately. Closing credit card accounts can impact your credit score, so it may be beneficial to keep them open unless you are facing challenges with overspending on those cards. Instead, focus on paying off the debt on those cards as quickly as possible while making regular payments on the new Wells Fargo Reflect Card.

It’s important to create a realistic and practical plan to pay off your debt. Make a budget that includes your necessary expenses, minimum payments on the credit cards, and additional payments to pay down the debt faster. Consider cutting back on non-essential spending to free up more money for debt repayment.

Remember, staying disciplined and committed to your plan is key to successfully paying off your debt. It’s great that you are taking steps to improve your financial situation, and with dedication, you can achieve your goal of becoming debt-free.

Best of luck on your journey to financial stability.

Farewell from THE MONEY MINDER