Multiple credit cards for one debt?
Scenario:
A person owes ,000 in school debt to a single entity. The person also has THREE credit cards. Each month, the person pays 0 using credit card 1 towards the debt and (minimum fee) for the other credit cards, bringing the monthly debt to 0. On top of that, each month the person replenishes the first card by paying back 0 to keep using credit card 1 each month without maxing out.
Is it possible to instead spread the 0 a month debt across the three cards to cancel out having to pay the other card's monthly minimums on top of the school debt to reduce the person's monthly debt from 0 to just 0?
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A person owes ,000 in school debt to a single entity.
Each month, the person pays 0 using credit card 1 towards the debt
Unless you're really disciplined (and the loan company allows it, and they don't charge you a "convenience fee"), paying off a lower interest loan with higher interest credit makes anti-sense.
Is it possible to instead spread the 0 a month debt across the three cards to cancel out having to pay the other card's monthly minimums on top of the school debt to reduce the person's monthly debt from 0 to just 0?
Of course it's possible. But math is still math, and paying 0 instead of 0 means that you'll be accumulating an extra 0 of debt each month.
to keep using credit card 1 each month
You're paying off those other monthly charges, right?
without maxing out.
That's always a bad sign. The person in your hypothetical situation is in serious financial shape.
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