Loan to Pay off Credit Card
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Posted: Wed Oct 27, 2004 6:23 pm
Post subject: Loan to Pay off Credit Card
Anne Adams
Date: 1/12/2001 7:53 am CDT
My DH has just been put on the disabled unemployed list and we are also raising a disabled, adopted GS. We have a MBNA credit card we have been trying to payoff for the last 10 years. The payment is $102.00 per mo., but the interest they are charging is $98.00 a mo! I called to find out why it was so high and they told me in the state of Delaware, they charge and change, without notification, any interest charge they want. I have tried to double the payments to pay it off, but it seems the more I pay, the higher the interest charge goes. Would it be worth our while to go ahead and put the charges on this card into another type of card to pay quicker, or take out a low interest loan to pay it off? We've been paying on it for over ten years and haven't charged anything on it for that time. The original chges were about $5,000. and are still over $4,500. now.
Thanks
Anne A
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Posted: Wed Oct 27, 2004 6:24 pm
Post subject: Loan to Pay off Credit Card
Ira Stoller
Date: 1/12/2001 5:19 pm CDT
Don't know what a DH or GS is, but it doesn't matter.
I don't know how good or bad your credit standing is, but let's assume it's ok. Probably the best thing you could do, if you own your home, is take out a home equity loan to pay off the credit card debt. The interest is both much lower and, unlike credit card interest, is tax deductable.
If that's not possible, you should try to get other cards which offer low balance transfer rates. I doubt you'll find the very low intro rates of a few years ago, but you can find some very reasonable rates. AMEX Blue offers something like 8.9% (don't quote me on this!)on balance transfers.
Another thing you might try is a signature loan at your local bank. Again the rate will be much lower than you're currently paying.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Oct 27, 2004 6:23 pm
Post subject: Loan to Pay off Credit Card
Anne Adams
Date: 1/12/2001 7:53 am CDT
My DH has just been put on the disabled unemployed list and we are also raising a disabled, adopted GS. We have a MBNA credit card we have been trying to payoff for the last 10 years. The payment is $102.00 per mo., but the interest they are charging is $98.00 a mo! I called to find out why it was so high and they told me in the state of Delaware, they charge and change, without notification, any interest charge they want. I have tried to double the payments to pay it off, but it seems the more I pay, the higher the interest charge goes. Would it be worth our while to go ahead and put the charges on this card into another type of card to pay quicker, or take out a low interest loan to pay it off? We've been paying on it for over ten years and haven't charged anything on it for that time. The original chges were about $5,000. and are still over $4,500. now.
Thanks
Anne A
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Oct 27, 2004 6:24 pm
Post subject: Loan to Pay off Credit Card
Ira Stoller
Date: 1/12/2001 5:19 pm CDT
Don't know what a DH or GS is, but it doesn't matter.
I don't know how good or bad your credit standing is, but let's assume it's ok. Probably the best thing you could do, if you own your home, is take out a home equity loan to pay off the credit card debt. The interest is both much lower and, unlike credit card interest, is tax deductable.
If that's not possible, you should try to get other cards which offer low balance transfer rates. I doubt you'll find the very low intro rates of a few years ago, but you can find some very reasonable rates. AMEX Blue offers something like 8.9% (don't quote me on this!)on balance transfers.
Another thing you might try is a signature loan at your local bank. Again the rate will be much lower than you're currently paying.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:18 PM
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