Student with $2000 credit card debt. Best way to handle?

Student with $2000 credit card debt. Best way to handle?:

Jennifer S asked:


I am a college student with $2000 of credit card debt. The 0% APR on the card will be ending soon. A friend suggested to open a new card with 0% APR for 6 months (or longer, if possible) and (pending approval), transfer my balance to the new card.

Because of my studies I cannot get a job to pay off the debt until summer, so this seems like a logical solution. However, I feel that the solution cannot be this simple.

Why can this not work? What are the pros and cons of opening a new card and transferring the balance?

Thanks for the quick responses.

I can currently afford to pay the minimum due, but not much more.

Also, I don’t really want to ask my parents to lend me the money unless it becomes absolutely and totally necessary…

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