I have a $3,800 student load with 7% interest rate currently. Is this thinking correct: I get a 0% interest for a year credit card and put the 3800 on that (I'm sure I can pay that off in a year) and then not worry about the 7% interest on the student loan anymore. Is this too good to be true??
Thanks.
2007-03-17 08:31:29 · 4 answers · asked by Blg105 2 in Business & Finance ➔ Personal Finance
Nothing wrong with that, if you have good credit you can get good rates like that and take full advantage. I have almost the exact same situation although not with student loans, but just transferred other debt to a 0% card and about the same amount of money. Just make sure you make the payments, that's all.
2007-03-17 09:28:51 · answer #1 · answered by The Scorpion 6 · 0⤊ 0⤋
Why not just pay the loan off? If you think you can do it with a credit card, why not just do it as it stands? It's less risky for sure.
Make a budget of everything you spend and compare that to your income. Anything extra you have should go towards paying this off. You'll be surprised at how quickly you can make this happen.
Credit card companies are snakes, and when you play with snakes you are likely to get bit.
2007-03-17 12:05:52 · answer #2 · answered by Jen G 5 · 0⤊ 0⤋
Most of those offers are just for balance transfers from credit cards from other issuers... how on earth did you get 7% student loan interest?! You *do* know that the interest is tax-deductible, right? Just pay ahead (probably no prepayment penalty) and you should be set.
2007-03-17 12:01:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Be careful..you could end up with 20% interest..remember they are the pros and they are tough to beat..renting money is how they make money..not by giving it away...If it's too good to be true..you guessed it..it is.
2007-03-17 08:37:53 · answer #4 · answered by gvh 3 · 0⤊ 0⤋