People struggling with bad credit know how difficult it is to get approved for a new card. But what if you were given the chance to open a new credit card with the agreement that you’d pay off an old debt? Would you accept the offer?
In December 2011, the Wall Street Journal reported a credit card arrangement just like this. Consumers with bad scores were able to get a new card, but it required them to pay several hundred dollars per month toward an old debt. Is it worth it?