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Author: SoccerDad9998 Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Changing cars (or not)? Date: 3/7/2008 3:52 PM
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Well there was another thread I had about the BT offer. It is for 4.99% fixed and is open until 3/31. The consensus at the time seemed to be that in the current environment that was a good offer that may not be available in the future given how credit card companies are limiting BT offers.

I would just like to stress to anyone in debt pay-down mode - that now is not the time to be playing the BT game or expecting the next low rate to be available when existing promo rate expires and I would strongly recommend locking in any rate under 8%.

6 months ago, with a lower FICO, about 10K more debt the BT offers were still being offered at 0% to 7% with the catch being the length and the cap or no cap on the bt fee. Now, my experience with a 730 FICO across 12 to 14 open accounts (about 30% utilization) is that the offers either are not there at all or have climbed over 8% with fees a given.

This post jumped out at me today - because I checked Citibank today, which usually has 2 or 3 offers in the 3% to 9% range, and the only offer has an un-capped 3% fee on 14% rate. Just to be clear: higher FICO, Citi increased my limit 2x in last 6 months and now the best they can do is 14%. Other offers are still there from other accounts - but, nothing for me to lock in a "fixed rate" under 8% and they are all trending toward much worse offers.

I am sure everyone's options vary depending on many variables. But, anyone in debt pay-down mode that has a chance to "lock in" might be much better off to do that right now than hope the next BT offer will come along at the end of your promotional period.

It is never a good time to be in debt - even worse to be in debt with the economy still going south.

I was just watching CNBC - so, despite Warren and most people saying we are in a recession - apparently the "r" word can not be official until the white house makes it official?

The unemployment rate has not dropped lower because almost 1 million people have stopped looking for jobs?


Well, sorry for the interuption... back to car talk with your host: Determinedmom.

cheers
SD
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