Is this wise or stupid?

iVillage Member
Registered: 02-04-2008
Is this wise or stupid?
11
Wed, 10-22-2008 - 10:50am
Ok, we have about $28k in cc debt and some rates are like 24%.

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iVillage Member
Registered: 03-27-2005
Wed, 10-22-2008 - 11:24am

A lot depends upon the terms of the loan.

iVillage Member
Registered: 02-04-2008
Wed, 10-22-2008 - 12:02pm
It's a personal loan
iVillage Member
Registered: 11-17-2007
Wed, 10-22-2008 - 12:10pm

I have transferred from a high interest to a lower interest several times over the years.


There are a few things you need to consider.

iVillage Member
Registered: 11-24-2003
Wed, 10-22-2008 - 2:48pm

Be aware that a credit card company can raise your rate at anytime for any reason.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 10-22-2008 - 3:56pm

Will they let you write a check to yourself?

All my best,
Danni

iVillage Member
Registered: 02-04-2008
Thu, 10-23-2008 - 10:50am
It's a personal loan that I can use any way I want.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 10-23-2008 - 11:03am

In my opinion,


if you have scoured the fine print and know all the pitfalls -- it would definitely be worth it to change to a 5.99% interest rate.


Just make sure you don't use the 24% rate card again (BTDT as I think a lot of us here have *blushing*).


*wearing my hat* Volunteer appreciation tagParent of 6th grader
iVillage Member
Registered: 10-01-2008
Thu, 10-23-2008 - 2:03pm

Hi, I use to work at a bank and thought I was fairly credit wise, but over the years I have made some stupid mistakes.

Norma


"Patience is the best remedy for every trouble"- Plautus


Avatar for londonrose2001
iVillage Member
Registered: 04-09-2003
Thu, 10-23-2008 - 4:33pm

Hey, Mary Ann,

 

iVillage Member
Registered: 11-17-2007
Thu, 10-23-2008 - 4:45pm

Ok I am old, half blind because I gave Raymond my eye glass money and can't spell without spell check


Well you get the point. Omaha


Besides what would all you ladies have to laugh about if I didn't make silly mistakes.


Guess his name was the next word down.


Hugs


Mary Ann


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