You can have no credit card debt in 21 months. If you have a strong FICO score, you should look into applying for a Citi Similipcity Card. This card offers 21 months of no interest payments on balance transfers or new purchases. This means that you could either pay off your credit card debt or make significant progress on paying it down in less than two years!
The card does not have an annual fee nor a late charge. However, you should always pay your bill on time to avoid the negative impact late payments have on your credit score.
The catch to the card is a balance transfer fee of either $5 or 3% of the amount of each credit card balance transfer, whichever is greater. Also, if you are unable to payoff the balance transfer within the 21 months, your going to have a variable APR of 13.24% – 23.24%, based on your creditworthiness.
Before you jump in and transfer your balance(s), ensure that you have a Money Blueprint in place and more importantly that you are sticking to it. Also, make sure you have cut down on your variable expenses, eating out, cable, phone, etc. A $5,000 balance transfer will cost you $150 (5000 x .03). Your monthly payment will be $238.10 (5000/21). You can always pay more on your balance whenever you can.