Internet's first get-out-of-debt community - 134,000 members

Posted: Fri Aug 03, 2007 4:33 pm Subject: Getting a Credit Card to Payoff Debt!

Is it a good idea to get a credit card to payoff debt?

Posted: Fri Aug 03, 2007 4:37 pm Subject:

Paying off debt by creating more debt?? I think I have already learned that lesson!!

Posted: Fri Aug 03, 2007 4:43 pm Subject:

But what if you know for sure that you could payoff the card in full?

Posted: Fri Aug 03, 2007 4:58 pm Subject:

Then why not take that money and pay off the debt you owe??

Posted: Fri Aug 03, 2007 5:13 pm Subject:

I was thinking that if i could repay the card and keep it up to date and paid off. Would it help in anyway to rebuild credit standing?

Posted: Fri Aug 03, 2007 5:27 pm Subject:

If you are sure of paying the credit card balance sometime later, go ahead and pay your existing debts with the credit. There won't be a change on your credit profile until all the accounts are paid off. After you have paid off everything, your creditors will report to the bureaus and the scores will improve

Posted: Fri Aug 03, 2007 5:33 pm Subject:

So once all the debt is paid off. Then the score will begin to improve, and keeping the card paid in full will help. Right? So this is only a good idea if you are able to keep the card paid off??

Posted: Fri Aug 03, 2007 5:35 pm Subject:

Yes, your credit history should be in a good shape, no matter if there were some damages in the past. You always have the time to repair it.

Posted: Fri Aug 03, 2007 5:39 pm Subject:

I am not a big fan of getting into debt to pay off debt. If you make enough money, are sure you won't unemployed, have few bills, and can pay it in full, then maybe it would work. Problem is, with me, that didn't work-lost my job after 14 years, got behind, and my debt increased and credit scores got worse. But since coming to this site, I have been able to slowly, but surely, pay off my pdls, and credit cards-there is hope it just takes some time. There are really no quick fixes. Keep us posted, and good luck..KAren

Posted: Fri Aug 03, 2007 5:51 pm Subject:

I sure will keep you guys posted. I think that if you select to take the unemployment inssurance on a credit card. that some offer that if you do get laid off that the credit card company will pay your bill. For a select period of time. Has anyone else used this inssurance successfully?

Posted: Fri Aug 03, 2007 5:54 pm Subject:

I had that on my cc when I lost my job, and they never took care of it. All they did was run me around-sent this paper, send that paper, and nothing. By the time they got it straightened out, they said it was past the time to file it Rolling Eyes

So who knows, maybe you'll have better luck!!..KAren

Posted: Fri Aug 03, 2007 6:31 pm Subject:

WOW! That's not good at all! That's big biz just a big run around.

Posted: Fri Aug 24, 2007 3:53 pm Subject:

Why get yourself in more debt with a credit card. I just don't think that's a good thing to do personally.

ladybug

Posted: Fri Aug 24, 2007 5:19 pm Subject:

I have to weigh in and say I feel this is a bad idea. "Knowing for certain" you can pay off the card is never a perfect plan. Many a person's credit (my own included) has been damaged by the "I know for certain I can pay it off in time" idea. Things happen - medical emergencies, auto breakdowns or God forbid, auto accidents, even vet bills can blow your plan right out of the water.

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