The Dave Ramsey method (I almost said Dave Matthews method, which I think is to sell out a lot of arena shows) is to buld a tiny emergency fund first, then start paying off your smallest debt, then rolling what you were paying on that into the next smallest, etc. Then to build a bigger emergency fund so you don't dip back into credit later.

BUT if you take out a new card, shift the entire balance to it, and pay it off before interest is due, then that is a fine idea.

That's the idea. Or at least, shift as much of the balance to the new card as I think I can pay off during the promotional period. Since I assume the interest on a line of credit would be more than 0%, this way is the cheapest.

Yeah, the issue with the balance transfers is they only do them because they are certain (overall) they'll make money on them. Which means they count on you not managing to pay it back during the 0% rate and/or creating more debt. (Plus their normal % is probably higher than others). So...only if you're SUPER certain you'd pay it back in time.

It was surprising to see what factors went into my credit rating when I financed my house. I mean, I knew the basics of course, but it was worth learning that a new car, for example, was considered on a different level than credit cards (it's secured, for one thing). And that a retail credit card (for a specific store) was considered the riskiest and least positive. It's made me say a very quick "no thanks" to every single offer in a store to "save 15% by opening a card today!"

Brilliant -- I just got a call on my cell phone from my grandmother's number, but it was my mother on the phone. Luckily, I only had a moment to think my grandmother was dead (as you do), when my mother asked me who Blythe Danner's daughter is -- and then hung right up after I told her! OK then.

a retail credit card (for a specific store) was considered the riskiest and least positive.

Crap, the only card I have is for Target, though I don't carry a balance on it (handy for "we need dinner and payday's in 3 days"). And we have huge medical bills that are being paid at the minimum.

I guess it's time to win the lottery.

Connie, not that it probably matters in your whole scheme of things, but is it a Target Visa card or just a Target card?

Jessica,

Here would be my recommendation:

1) shift the balance if you think it will help you pay down the debt and if you will not be late with payments and will not charge anything on the new card. When I was in a lot of debt in the late 1990s, that's what I fucking had to do to stay afloat. Will you be paying it off ASAP?

2) Do not close the other credit card accounts if you can help it. Especially not the CC you have had the longest. Try not to run up any additional debt.

The agencies like you to have a lot of credit, but only use a small percentage of it. The new card will probably give you a hit on the credit report, but it likely will be negligible if you won't be applying for a mortgage within 2 years.

is it a Target Visa card or just a Target card?

Just a Target card. I should probably see about getting a real card and do small things with it.

If you've had a good record with Target, you may be able to call them and ask them to switch it to the Target Visa.