After we were able to transfer all of our credit card debt to a new card with a 0% balance transfer offer, my plan was to pay off that debt as quickly as we could. But I realized something.
That debt is at 0% right now. Something that I could do is to use the extra money that I would be paying towards our credit cards and put it in our savings account. That way, the money could earn some interest. Before the end of the 0% balance transfer term (which is a year), I’ll take the money out of the savings and make a large payment to our credit card.
I’m on the fence as to what to do, so I thought I would open up the floor and ask your opinion. If you were in my situation, what would you do and why?