I’ve seen advice out there that doesn’t recommend that you take on more debt to pay off existing debt and I think that’s a bunch of baloney, who’s writing those articles? Credit card companies? It’s math… if you’re borrowing debt at 20% and you can borrow more debt at 19.99%, then borrow debt at 19.99% and pay off your 20% debt! While that is a drastic example, considering your time is worth something, you really should look into ways of reducing your debt’s servicing costs (the interest rates) so that you can accelerate your schedule of paying down the debt. So, why do places advise that you shouldn’t borrow money to pay down debt? I have no idea because you can’t argue against the mathematics! (no better way than to use 0% balance transfer deals)

For a prime example of how you can pay off your debt faster by borrowing, look no farther than Tricia from Blogging Away Debt. By borrowing from numerous sources, including Propser.com, and simply asking her credit cards to lower their rates, she was able to reduce her monthly interest payments from $400 to $100, on a debt of nearly $25,000!

So should you borrow money to pay off debt? Only if you want to save money!