How To Get Your Kids To Start Saving
The simple answer is yes, you can pay off a credit card with another credit card, but there are many reasons why you should avoid doing so.
I have a close friend, who I consider my best friend, and he’s in his 70s. Over the years, we’ve had countless conversations about debt, particularly credit card debt, during our early morning fishing trips. He often reminisces, saying, “Back in my day, there were no credit cards. Everything we bought was with cash. If we couldn’t afford to pay for it, we simply didn’t buy it until we had the money.”
I share this story because we also discussed the topic of paying off credit card debt with another credit card. His perspective was clear: “It’s easy to pay off debt with someone else’s money, but what lesson do you learn from that?” He believed that doing so only makes it easier to fall back into the same financial habits and borrow even more money, without addressing the root cause of the debt problem.
If you’re considering this option, it should be your last resort. While transferring balances or using one card to pay another might seem like a way to save on interest, allowing more of your payments to go toward the principal, it often leads people to rack up more debt.
I explain it a bit further in my vid.
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