No matter which credit card you use to cover your expenses, the fact that you have it means you run the risk of being in debt if you do not use it responsibly. A little mindless spending here and there or a missed payment will make matters worse.
But this option only makes sense if you’re going to get cheaper repayments because of a lower interest rate. Plus, an interest-free period to repay the debt on the new credit card can act as a plus.• A balance transfer doesn’t reduce debt. It may bring down the interest component and give you some extra time to repay the credit card due. Go for it only if you can repay the debt in full.• The new credit card needs to have a substantial credit limit to accommodate your debt.
Go for multiple credit cards only if you have a proper reason to use each one of them and can afford them all.
Source: Healthcare Press (healthcarepress.net)
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