Munny for Nuthin'

I have embarked on the final leg of paying off my credit-card debt this week. My method for paying off my debt (as I have documented on this blog previously) has been firstly to STOP SPENDING, and secondly to transfer my credit-card debt to a '0% for balance transfers' credit card.
Now these offers usually last for around 12 months, so if you have more debt than you can pay of within 12 months, you may have to do the same again. Bear in mind that a small charge (usually about 3%) is charged for the transfer, apart from that every penny you pay comes straight off your debt - no interest!!
I have done this twice already over two years and I have just opened my third account this week, with a view to paying off ALL the debt within the next 12 months. I will admit that I use a different card for emergency purchases, but pay this off every month.
It pays to ensure you close down accounts that are no longer in use otherwise you may find that you are potentially exposed to too much credit for you to obtain another card. I got refused when I first tried to get one of these cards, and when I got my credit report, I found that I have five or six unused but still open accounts. These accounts all had large credit limits meaning that potentially I could run up a massive debt overnight, under those circumstances it would not have been wise for the credit card provider to allow me to open another account. I closed the unused accounts and have closed off any of the new 0% accounts as soon as I no longer require them. The graph on the left shows the decline in my debt over the last two years, you can read more about it here..