Using a credit card to pay another credit card - has anyone ever done this?

I am guilty of it, especially in my younger years. I had 4 credit cards by the time I was 21 and got overwhelmed. I ended up using one card to pay for another because I couldn't afford to pay the minimum of that one for the month. I actually did this several times and it can be helpful but you have to make sure you don't do this with all your credit debts or you will end up with a big mess!

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May 4, 2020 6:30 PM

Member

I've known plenty of people to do this and it can be effective at increasing your credit score.


Just be careful, it's very tempting to splurge with credit cards. Remember what you got one for in the first place.

May 9, 2020 11:27 PM

Member

In a pinch, I will but since I got myself into a mess doing this a few years back, I try to avoid it. It is very easy to get stuck in a loop of robbing the rich to pay the poor. You just end up in a loop of robbing Peter to pay Paul.

May 10, 2020 9:03 PM

I think most people have done this at least once. I know I have. I probably did it around 10 times in total because I had no other option at the time. This was when I lost my job and was struggling to find a new one.

May 18, 2020 7:37 PM