Brought to you by the Every Dollar app. Start budgeting for free today.

Today's question comes from Andrew in Minnesota. What are your thoughts on balance transfer credit

cards? I have three credit card debts I'm paying off in Baby Step 2 and the interest rates are

really high. Would it be wise to transfer it to a 0% interest rate card while I am paying them off?

The life hack of the balance transfer to the 0% card.

How many have built their wealth, Dave.

No, I am not a fan of these balance transfer cards.

And one of many reasons is that it doesn't solve the root problem, you going into debt.

Another reason is the three to five percent they charge you just to do this, which means if you

transfer 10 grand, you're paying an extra 500 bucks for the pleasure of continuing to be in debt

with a zero percent offer that will soon run out while you're still in debt.

And then we're back to square one.

So why? that will soon run out while you're still in debt. And then we're back to square one. So while I'm paying off debt can mean a lot of things.

While I'm paying off debt over 10 or 15 years, which means you're not really paying off debt,

or while I'm paying off debt for one year because I'm gazelle intense and sold everything

but the kids and they're worried.

You know, I mean, that's two different things of while I'm paying off debt.

So while I'm paying off debt over 10 years, which means I'm not really doing it, then I'm

with George.

Don't bother because you're just kidding yourself that you actually did something.

Interest rates aren't your problem. The guy in your mirror is your problem. You quit spending

like you're freaking in Congress. If you're instead doing the other way and you're like

...