Are 0% Balance Transfers Smart?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Business, Investing

4.5 • 838 Ratings

🗓️ 2 May 2026

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.7	Is it smart to do a balance transfer that is offering a 0% APR for 20 months to take care of a portion of a personal loan that my husband and I have?
0:17.2	A personal loan to who?
0:26.4	It's with a SOFI loan that we have oh gross what how much is so far screwing you for we have 15,000 left and what's the interest rate 12.31% aren't they helpful
0:36.6	i know how they paid for that stadium now.
0:39.5	Okay.
0:40.5	12% on 15,000.
0:43.0	And what's your household income?
0:45.5	Before taxes, 112,000.
0:49.7	Okay.
0:50.1	So how fast you're going to pay off the 15?
0:53.7	Well, we would like to pay it off within a year and a half.
0:58.7	That's awful.
0:59.9	Is there something ahead of it?
1:01.4	Is that why it would take so long?
1:04.3	Like, do you have other debts you're attacking first?
1:08.3	We still have a thousand left to pay off on a furniture that we brought.
1:14.6	And then we also have a car loan.
1:17.4	We have 18,000 left on that.
1:19.4	Okay.
1:19.8	And then starting back in July.
	...

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