Debt Consolidation from 4.99 to 2.99
Date: Tue, 08/11/2009 - 10:19
Debt Consolidation from 4.99 to 2.99
Background
• Approximately 15K in Credit Card Debt @ 4.99% Current Rate good till January 2010
• Enough Cash to pay this debit but due to economy I am using this as a cushion in case of job loss.
Question
• Bank is offering me a check so I can pay higher credit card debt at 2.99% valid for 1 year from date of check deposit. Fee for this is $99 – no maximum.
Wanted to know if you think it is a good idea – I have enough money to pay this off and still have a slush fund but with the interest rates so low I am not sure I would like to do that.
Any assistance would be appreciated
Aman
Background
• Approximately 15K in Credit Card Debt @ 4.99% Current Rate good till January 2010
• Enough Cash to pay this debit but due to economy I am using this as a cushion in case of job loss.
Question
• Bank is offering me a check so I can pay higher credit card debt at 2.99% valid for 1 year from date of check deposit. Fee for this is $99 – no maximum.
Wanted to know if you think it is a good idea – I have enough money to pay this off and still have a slush fund but with the interest rates so low I am not sure I would like to do that.
Any assistance would be appreciated
Aman
Is the bank offering you another line of credit at a lower rate?
Is the bank offering you another line of credit at a lower rate? It sounds good to me if there is no other hidden cost involved which may cause trouble in the future.
