No. of Recommendations: 6
After working for three years to get my credit card paid off, I was finally down to one single card with a balance of $2000. I was looking at being paid off by the end of the summer. So I decided to go ahead and see if I could get a 0% balance transfer for the money so I could avoid the 14% that I am currently being charged.

I was approved for a card (though not at 0%) with an $8K credit limit! That is the largest amount of credit I have ever had! The rate on it is 11% which is still lower then my other card, so I went ahead with the balance transfer and figured I would still save a few pennies by the end of the summer.

But no... I have to go and be stupid. I have done two things. First, I have booked and planned a weekend get away next month to niagara falls. A complete splurg, but I have been working so hard and I just wanted to get away. The other thing I did was I bought myself a new treadmill. You guessed it, I whipped out the new card to pay for it all. So now I will have closer to $4K to pay off.

I guess the only good thing is it is all on one card at a not so bad rate, but it is going to extend the amount of time I am in debt thru October now.

It is sooooo easy to backslide!! And I thought I was doing so well and had learned my lesson.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.