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What to do if you can’t transfer credit card debt

Richmond-Petersburg WWBT logo Richmond-Petersburg WWBT 1/20/2021 Rachel DePompa
Transferring credit card debt © Provided by Richmond-Petersburg WWBT Transferring credit card debt

RICHMOND, Va. (WWBT) - Not everyone has the ability to transfer credit card debt to an interest-free card. It’s difficult to do if you don’t have good credit, meaning a FICO score of at least 690.

So, another way to lower costs on an interest-assessing credit card account is by making multiple payments every month. Experts at the financial website Nerdwallet say credit card interest is calculated on the account’s average daily balance, not the balance on the payment due date or the statement closing date.

By making more than one payment in the month, the average daily balance is lower and so is the interest assessed on it, even if the payment total isn’t more each month.

Another tip for parents, many costs — like child care, medical expenses and baby gear — are just inevitable. So, examine your budget for any unnecessary expenses carried over from your life before you had kids, and cut back where you can to pay off credit card debt.

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