Has anyone gone backpacking while they still had debt to repay (credit card balances)? I want to leave to go backpacking in March/April but I know i will still have credit card balances that need to be paid while i'm away. I want to work while in Oz, just not right away. I was thinking i would wait maybe a month and then look for a job since i would probably arrive in Oz with about $8000 or $9000 AUD.
Has anyone ever had the same conflict and if so, how did you approach it?
I suppose the first question to ask is how much would the minimum monthly repayments be while your away. If they are going to high then it could be a problem. Another option would be to do a balance transfer to a 0% interest credit card thus removing the minimum payment for 12 months.
Thanks for responding. Well, i have two regular cc's which the minimum pay. comes out to approximately $130 each mo. Then i have a school loan payment of $156 each mo. And on top of that there are a few other credit cards in which i purchased major items for the house (couches, tv, etc). Those total about $100 each month- this is split with my sister. So all in all, on my end, it comes out to about $350 each month on min. payments.
I just googled the option doing a balance transfer. It says you don't have to pay the interest on most of these cards but you do have to pay a % transfer fee and they don't really mention anything about no minimum payment each month. Do you know which cards in particular are good? It seems like it might be a good option.