How To Get Your Kids To Start Saving
The simple answer is yes you can, but there are so many reasons you should never pay of a credit card with another credit card.
I have a friend, who I consider my best friend, and he is in his 70’s. In the past, we have had many conversations around debt, and specifically credit card debt while fishing early in the mornings. He would always say “In my days, they never had credit cards. Everything we bought in life was with cash. I remember him telling me, if we couldn’t afford to pay cash for it, then we didn’t buy it until we had enough money to do so.
The reason I am telling this story is because we also had the same conversation about paying credit card debt with another credit card. His thoughts and comment on this was, “It is easy to pay off debt with another creditor’s money, but what lesson do you learn from this?” He would say by doing this, it makes it much easier for you to go right back to the same financial and borrow more money.
If this is something that you are considering, I suggest using this as a last resort. If you are paying the credit card down on a regular basis, and you are looking to save interest so that more of the money you are paying, is applied right to the principle amount borrowed, then this MIGHT be a good option. Unfortunately 9 out of 10 times, this encourages people to use more credit, because it is available to them. The “debt hole” get’s deeper and deeper.
I explain it a bit further in my vid.
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