Experts typically suggest consolidating debt into a card that is offering a 0% interest rate for a set amount of time – or at least one with a very low rate. Some cards will offer no interest on balance transfers for six months to up to 21 months, so you can pay off debt without paying costly interest charges. However, balance transfers typically incur a 3% fee and may need to be transferred within the first 60 days from account opening to qualify for the interest-free period. Also, right now banks have gotten tighter, so it may be harder to get a 0% APR or a lower interest rate card. You’ll likely need a credit score of 700 or higher in order to succeed, as well as a steady income. We know during the pandemic – many rules have changed and are changing during these uncertain times.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.