I currently owe approx. $4500 with a 17.25% interest rate through SallieMae. How can I lower my interest rate and monthly payment?
2007-02-09 11:39:31 · 5 answers · asked by Braden J 2 in Education & Reference ➔ Financial Aid
I don't have great credit.
2007-02-09 14:07:41 · update #1
I assume this is a private educational loan b/c that rate is insane!! You could try and consolidate that loan with some other lower rate loans to bring it down. If you own a house I would recommend paying it off with a home equity line of credit. The credit card thing is risky...
2007-02-09 15:52:36 · answer #1 · answered by SZ 3 · 0⤊ 0⤋
1
2016-10-24 03:39:57 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Thats a good idea, the credit card. I did that with my husband. there are credit cards that offer 0% for 2 years! on balance transfers. We have been using one so we always have money. Just make sure to pay it all off BEFORE the 2 years expires. Read the offers well and keep all your statements. We havent had any credit problems and not all those cards are scams. The one from Providian (washington Mutual) usually gives good offers. Dont take the first one you get. Shop around for a grood credit card. Get rid of that student loan. It wil sit on you.
2007-02-09 13:51:13 · answer #3 · answered by coffeebabyea 3 · 0⤊ 0⤋
If you can find a cosigner with good credit, that can help qualify you for consolidation and help bring your interest rate down.
2007-02-11 04:21:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
dear god, find a zero rate credit card with a 5000 limit and pay it off, and then pay off the credit card before the interest starts, that has got to be eating you alive
2007-02-09 11:43:16 · answer #5 · answered by mjlee105 4 · 1⤊ 1⤋