Thinking of using a home equity (bill consolidation) load with Providian to pay off all my credit cards...which is around $20,000. The deal with thiscompany is that the rate is 7.5% plus the prime rate which is around 2.25%...therefore the "floating rate"is currently at 9.75%. That is half of what my current APR is with all of the credit card companies!! However, I am not too familiar on how volatile the prime rate has been over the past several years. To my knowledge with the economy doing so well, the prime rate has been very stable. Have we ever seen the prime rate above 7 or 8% over the past 5 years? Anyone have any good or bad experiences with this type of loan? This loan goes for 15 years and can be paid off at any time without any penalties. I can feel the weight starting to come off the shoulders, but I don't want to do it if I am going down another road to credit disaster with this company. Any suggestions or comments would be appreciated.
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