Originally Posted by AZrunner43

Hi NoSoup!

When I moved to Phoenix from Chicago a year ago, I used up most all of my funds to get established in the new location.. when it came time for my friends bachelor party, my only option for cash was a ($400) advance from my only credit card. This was June '05. I've since used the card for furniture, plane tix home, etc.. large purchases. Now I'm around $3000 of my $3500 limit. From what I understand, a $100 payment on my card covers the interest first (nearly $40) and the remaining $60 will go towards the principle. Furthermore my entire credit balance must be paid off before any of the payments will go towards my cash advance balance - and the cash advance interest is (of course) killin me..

My question is this: Would it be wise for me to open a 2nd card - a 0% APR for 12 month card offered by my bank - and use it to pay off the balance in full? In that scenario my first card would be paid off and I would have 12 months of interest-free payments on the balance of my 2nd card.. (now that I'm firmly established in Phoenix with a good job) am I correct in all this? I'm 23 and don't want to dig myself a hole I'll never escape.. I've been making $100/mo payments for 7-8 months and getting nowhere.

TIA!

ps i hope you were the right person to ask - if not i can repost this elsewhere in the forum! let me know, thx