Many families are carrying higher-interest debt than they'd like, and when you're focused on day-to-day expenses, it can feel difficult to make real progress.
Evan Gomez, Branch Manager at Midvale River Gate Drive location of Mountain America Credit Union, joined us to explain how a 0% balance transfer could help people pay down debt more effectively.
He explained that a balance transfer allows you to move debt from one lender to another.
This can let you take advantage of a lower interest rate, which means more of each payment goes toward reducing the actual balance instead of paying interest charges.
But, he says you need to be smart about using it as a debt payoff tool and not a way to create more borrowing room.
Evan suggests treating the introductory period like a financial sprint. Pay as much as you can afford to eliminate as much of the balance as possible before the promotional rate ends. That's where you can see the greatest benefit.
It's also great for people who are trying to consolidate several balances into one account Instead of keeping track of multiple due dates, interest rates, and minimum payments, you have one payment to focus on. For many people, that can make it easier to stay organized and stick to a payoff plan.
Evan says make sure you have a plan. A balance transfer doesn't make debt disappear. It simply gives you a better opportunity to pay it off.
Second, avoid adding new debt while you're trying to pay down transferred balances. If the balances start growing again, you can lose many of the benefits that made the transfer attractive in the first place.
Right now, Mountain America is offering a 0% introductory APR on transferred balances for six months for both new and existing consumer credit cardholders who qualify.
After that, the card transitions to its regular rate based on creditworthiness, with rates capped at 18% APR.
Visit macu.com or stop by any Mountain America branch to see whether a balance transfer could fit into your debt repayment plan.
Insured by NCUA.
Membership required based on eligibility.
0% promo APR on balance transfers for six months; after that, variable APR based on creditworthiness.
Offer ends 10/31/26.
Terms, conditions and exclusions apply.
