Okay, I'm not paying anything OFF by doing this, but it WILL save me about $120 a year, and will help me pay off the CCs that much more quickly.I have a signature loan from a credit union -- it is a revolving loan, 42 month length, and I can call up and get a check for the amount up to my limit any time. The interest rate doesn't change and the loan length increases back to the full 42 month term. I did it last summer when I was out of work for two months and was desperate for cash, and I just called to see what my balance was (since it isn't a CC I don't worry about it too much or check it that often) and I had about 1100 in available credit. She asked me if she could cut me a check for that amount, and I said yes instantly. The interest rate on this loan is 12% less than the interest rate on my highest CC (Citibank!). Guess which CC will get a big fat check from me in a couple weeks? :)This is a great thing as I had to borrow money last week for car repairs, and now I can use that extra room on the CC if there is an emergency. (I don't plan to, heck I don't even carry my cards most of the time, but one never knows!) I don't have an emergency fund (though I am working on it!) and have been diligently paying over the minimum on my CCs. Cassandraloving debt restructuring!
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