Past Due: Radio 146 – Mailbag: Do Balance Transfers Work After A Job Loss?
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Today we took a Mailbag question from Aideen in Chicago on behalf of a friend of hers dealing with some credit card debt. We did a whole show based on one of Aideen’s previous questions (Episode 132 – Money & Twenty-Somethings) and it was great to help her with guidance for her friend!
Like so many, Aideen’s friend was unemployed during 2010 and used credit cards to fill the gaps in her expenses. Now, she’s employed but dealing with nearly $12,000 in credit card debt with interest rates as high as 29.9%!
The discussion centered around whether transferring the balances would be wise as she tries to eliminate these debts. As you’ll hear, I gave two compelling reasons why balance transfers shouldn’t be entered into lightly before I shared what I would do if I were in her shoes.
If you have a specific question, I’d be happy to answer it and further cultivate the wisdom the of Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!