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| Tue, 08-26-2008 - 10:51pm |
We currently have about 8K in credit card debt and another 5K on a personal loan. The credit card debt is spread over about 7 cards. I got an offer from Discover today for a debt elimination loan at 7.99% fixed. I'm seriously considering consolidating the cards and the personal loan over to this offer and just have one payment each month. All of the rates on the cards are higher than 7.99. I didn't see any fees associated with this in the fine print, it was basically pick your loan amt, pick your length of payments (3-7) years and they send you a check or direct deposit it into your bank account. Has anyone done this? If so, what was your experience, did it work?
I'm fairly certain that we wouldn't run the cards up again, and being completely debt free in a few years is something I've only dreamt of. I have never in my adult life been credit card debt free ever.

Sounds okay so long as they don't jack up the rate on you.
I transfer money around all the time I worked about 10 cards down to 4 but if you really look around I think you can get something cheaper the 7.9 Of course my rate is very low highest I am paying is 3.9 but I get 4.9 and 5.9 all day in the mail
First National of Omaha will give you a 2.9 or 3.9 on the
You really have to be careful about those offers because sometimes you have to charge on the accounts ever so often and carry a bal which is usually higher thane the offer.If that's the case , you are charged the higher int rate until that bal is paid off then you can take advantage of the 7.99. I'm sorry I am a credit counselor and had heard this many times before. First find out if that 's the case . In the meantime if you tell me the name of the creditors , bal
Thank you so much for the kind words
Well I never got a straight loan from Discover If it is a good payment on it and it will help you find. Go for it
I personally like credit cards for money because the payments go down.
mine will be 393 next month from 403 not much but sometimes every dollar helps
Mary Ann