What are the negative long term consequences of “card hopping” to pay off my high interest credit cards?
I have been cautioned against taking a “line of credit” to pay off high interest credit card balances. Instead, I have been encouraged to keep using the 0% interest credit card offers for as long as it is offered at zero %. These cards are a dime of dozen these days.
As with anything in life, it is what you don’t know that hurts you. If I embark in doing the card hopping strategy, I don’t know what the long term consequences are in using these 0% offers. So, I kindly ask you the following questions:
1. Will it hurt my credit rating? Right now I have a very good credit score. I pay all my bills on time. It is the finance charges that are killing me.
2. Should I close the expiring 0% card as I open the new 0% card. At the end of 5 years I don’t want to have a trail of credit cards that are still open balance. Or should I?