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Risks include high fees (typically 3-5% of the transferred balance), a steep jump to a high regular APR after the introductory period, and the temptation to run up new debt on the old card once it has a zero balance.
Yes. High utilization (maxed-out cards) hurts your score regardless of whether you make minimum payments. The score reflects the reported balance, not your payment activity.
It means a significant portion of your monthly income is already allocated to debt payments, leaving you with few options when faced with unexpected expenses, opportunities, or financial goals. Your money is spoken for before you even receive it.
The greatest risk is using the new available credit to accumulate more debt. If you transfer balances to a new card but then run up the balance on the old card again, you will be in a far worse position than when you started, with even more debt to manage.
Secured debt is a loan that is backed by an asset, known as collateral. This collateral acts as a guarantee for the lender. If the borrower fails to make payments (defaults), the lender has the legal right to seize the asset to recover the owed amount.