A reader tried a credit card balance transfer, and it didn't work. He's not sure who to blame.
Question: I wrote you two years about how to get rid of $4,000 on my credit cards. I asked about signing up for a zero-percent balance transfer. You said it was a good idea. Well, the 18 months just expired, and I still have a lot of debt! Thanks for nothing!
— Drew in Chicago
Howard Dvorkin CPA answers…
I’m sorry to hear this news, but when you asked me in August 2014 if these offers were “legit,” this was my opening line…
It’s legit, Drew. But if you’re not careful, this lifesaver can still drown you.
In fact, a few months after you wrote me, Kiplinger interviewed me about credit card balance transfers. As I did with you, I warned about some of the dangers of these offers.
You can read more at Debt.com’s The ABCs of Credit Card Balance Transfers, but if you’ve already gone 18 months and been unable to pay off your credit card debt, you might need to give up on DIY and get some professional help.
Fortunately, Drew, there’s no downside to calling a Debt.com expert for a debt analysis. The call is free, the analysis is free, and you’ll receive a customized plan to getting out of debt.
Many people are embarrassed to make the call, because we’re reluctant in this country to ask for help with anything — I admit I resist asking the supermarket clerks which aisle has the green tea my wife likes. However, there’s no shame in trying your hardest to harness your spending, then realizing it’s time for someone else to review your debts and show you proven ways to get rid of it. Call 1-800-810-0989, Drew. Don’t wait.
Have a debt question?
Email your question to firstname.lastname@example.org and Howard Dvorkin will review it. Dvorkin is a CPA, chairman of Debt.com, and author of two personal finance books, Credit Hell: How to Dig Yourself Out of Debt and Power Up: Taking Charge of Your Financial Destiny.