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Can You Save Money by Transferring Debt?

Are you carrying credit card debt?

The average credit card debt in America is $5,300. In 2019, it was $6,200. Hopefully, people are wising up to the financial damage of high-interest rates on debt. Covid has impacted spending, and maybe stimulus checks are being applied towards debt. Many think a balance transfer card will solve their problems. Credit card companies issue these to acquire new customers often driven by fear or despair. To make money, companies charge a balance transfer fee of 3 to 5% especially when 0% APR is offered. So, slow down and learn the exact terms of any promotion.

A few cards don’t charge balance transfer fees. These allow you to maximize your efforts while paying down the debt. Make sure you know the length of the interest-free period. Is there an annual fee and can you really pay off the debt during that time? If you’re a member of a credit union (which is a good idea) check out the Wings Platinum Visa Card. There’s no bonus or rewards but there’s no annual fee, or balance transfer fee. Plus, there’s 0% interest for the first 12 months. If you can discipline yourself, you’ll have a lot more money to apply directly to your debt that would otherwise go towards high interest. Pay with cash when possible to avoid adding new debt. Within a few months, you should see the difference your payments make. The Apostle Paul told the Philippians: “I can do all things through Him who strengthens me.” (Philippians 4:13) So lean on the Lord as you work to pay off your cards.

And if you’re overloaded with credit card debt, I recommend Christian Credit Counselors. They can create a debt management plan just for you. For more information call the Crown Helpline: 800-722-1976 or visit online at