is it bad to keep transferring balances from one credit card to another?

Answer 1

I did that for years until I finally paid the darn things off. Dave Ramsey, my financial guru calls it 'playing with snakes',b/c sooner or later you are going to get bit.
I strongly suggest that you go to his website; Daveramsey.com and order his book; The Total Money Makeover. You'll be glad you did.

Best wishes

Answer 2

I believe it is. Because points will be deducted from your credit score everytime you open a new credit line. it is better to just pay off the credit card rather than transfers balances, but if the balance is huge, you can transfers some amount on new card so that the finance charges can be reduced.

Answer 3

It depends on the interest rate of the credit card that you are transfering to. If the interest rate is lower, by all means, transfer. If you could get a zero percent APR, that's even better. Make sure you you pay your bill on time so the interest rate would not get bumped up.

Answer 4

Yes. You never get the balance paid off. Plus credit companies look at this as bad if you do it too often.

Answer 5

Nope. It can be a pain, but as long as you can keep on top of your balances it is a great idea.

I assume you are transferring to introductory 0% apr's, and making minimum payments, then transferring again once the rate goes up to normal levels.

Answer 6

Yes.

First, you're not reducing your debt. Second, your credit report shows that activity and you're probably destroying your credit rating.

Answer 7

If you ever want to be out of debt yes

Answer 8

yes