We’re coming up on the end of January and for many people that means it’s time to settle up for all of your holiday spending. Those Christmas and New Year’s bills are coming due. Some folks say you should consider opening a new account and transferring your balance at a new, low rate:
Credit card companies recognise that January is a tight month for most people and they see it as a good opportunity to attract new customers with good deals
From a mathematical perspective, that’s very good advice. Unfortunately for people dealing with credit card debt, a mathematical perspective isn’t what you need — you need to address the problem emotionally.
People with credit card debt (generally) have a spending problem. They live beyond their means. You can transfer a balance and save yourself some interest. But that’s only a part of what you need to do.
You also need to change your behavior. If you transfer a balance, close the account that you’re transferring from. Eliminate the opportunity to put yourself farther into debt. Transferring a balance is a temporary solution. You need a permanent fix.
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