125 - Paying Off Your Credit Card With a Lower-Rate Card

Credit card spending in Canada has reached a historically high level. With such high demands for credit, credit card companies are finding ways to be more competitive. Some offer lower-interest or no-interest cards for a limited time when you do a balance transfer. But is it a good idea to pay one credit card down with another? Today, Licensed Insolvency Trustee, Mary-Ann Marriot, discusses low-interest credit cards and how to make them work for you.

She also answers the questions:

How will my credit score be affected?Should I cancel my credit card once it’s paid off?Would a consolidation loan be a better option?Where can I get a low-interest or no-interest credit card?Is it beneficial to increase my credit limit?What is the optimum percentage of credit utilization to get a good credit score?

If you are struggling to keep up with your credit payments, talking to a Licensed Insolvency Trustee can help. They are qualified debt professionals that offer resources and strategies to improve your financial well-being.

About Mary-Ann Marriot

Mary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.

Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives. 

Additional Resources Allan Marshall & Associates Licensed Insolvency TrusteeCan I Pay Off A Credit Card With Another Credit Card Or Line Of Credit?8 Tips to Take Charge of Your Finances During Financial Literacy Month