Warning: I took a 0% balance transfer offer over a personal loan and it backfired

My credit card debt was $8,500 and I had to pick between a 12-month 0% transfer or a three-year personal loan at 7%. I chose the transfer but couldn't pay it all off in time, so the deferred interest hit me for over $1,000. Has anyone found a good way to track these short-term deadlines?

3 comments

3 Comments

mason_lopez10h ago

Ugh, that deferred interest is the worst. What if you put the money you were going to pay with into a separate savings account each month? That way the cash is actually set aside and ready to go, not just a date on a calendar.

williams.sage15h ago

That deferred interest trap is brutal, same thing happened to me. I set a calendar reminder for a month before the deadline, but it still snuck up on me. Those short windows are way harder to manage than a regular loan.

davis.noah13h ago

Ask if you tried setting more than one reminder. @williams.sage had a good idea but maybe it needs extra alarms. How far off was your final payment from the deadline?