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Pay off high interest loan on CC with 0%, then switch CCs after a year

Archer

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Guy at work mentioned it and I don't want to refinance or do a home equity....but wife has a high interest student loan, and just dicking around on credit karma I have a few pre approvals for introductory 0% apr on different credit cards


Now, would that be smart to pay off loan on one card, go a year, then get another 0% card to pay off first card, go a year,etc?

My wife is paying 13% interest and has paid shit to the principle...if her $200/month payments were interest free we'll these cards would be paid off fairly soon

Thanks for any advice!!
 

bg091593

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Definitely worth it. 13% is crazy. What's the balance if you don't mind? I have a couple friends with 150+k in student debt.... crazy to me.
 

n3mo0101

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Yeah that makes sense, but it depends on the balance. In a year, another company may not approve you for a new card if your "percent of credit utilized" is higher since you have a new credit card with a high balance. My best advice, if your credit is good, would be to refinance your loan through a credit union around 4-5%.
 

n3mo0101

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However it depends on the loan BALANCE and how fast you plan on paying it off. I work in finance. I know a lot about this stuff.
 

Dizzle82

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Guy at work mentioned it and I don't want to refinance or do a home equity....but wife has a high interest student loan, and just dicking around on credit karma I have a few pre approvals for introductory 0% apr on different credit cards


Now, would that be smart to pay off loan on one card, go a year, then get another 0% card to pay off first card, go a year,etc?

My wife is paying 13% interest and has paid shit to the principle...if her $200/month payments were interest free we'll these cards would be paid off fairly soon

Thanks for any advice!!
but dont forget, CC companies charge any where from 3%-5% transfer fee. so do the math. it may not really be that beneficial..
credit unions are deff the way to go. you can get a secured personal loan by putting your car as collateral. often under 5%
 

machinemind

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wife has a high interest student loan, and just dicking around on credit karma I have a few pre approvals for introductory 0% apr on different credit cards


Now, would that be smart to pay off loan on one card, go a year, then get another 0% card to pay off first card, go a year,etc?

Keep in mind big banks pay sites like credit karma to advertise that stuff to you. There's a reason, it's profitable.

Definitely worth it. 13% is crazy. What's the balance if you don't mind? I have a couple friends with 150+k in student debt.... crazy to me.

13% is actually pretty good for a credit card. And 150k is not that much student debt for entry to top tier fields. No, no, I get it. I'm just saying.
 

bg091593

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Keep in mind big banks pay sites like credit karma to advertise that stuff to you. There's a reason, it's profitable.



13% is actually pretty good for a credit card. And 150k is not that much student debt for entry to top tier fields. No, no, I get it. I'm just saying.

13% is his student debt interest. The credit card is 0%. If there's no transfer fee, which there shouldn't be, it makes sense in every way.


Civil engineering, 4 years, 28k debt... in-state school and every scholarship I qualified for.
 

pesty4077

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My question is why get that much into debt with any loan? Unless of course she has a 6 figure income with that college degree. If she does, then she should easily pay it off, just double or triple the payments.
 

bg091593

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My question is why get that much into debt with any loan? Unless of course she has a 6 figure income with that college degree. If she does, then she should easily pay it off, just double or triple the payments.

Because everyone needs the newest car, phone, TV etc etc....
Transfer the debt to credit cards all you want. But don't think that you're making any type of head way. Pesty is right, it sucks but you need to throw as much money at it as you can.
 

Archer

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Well I got the chance to do some researching, and one major downfall is opening new credit cards and higher utilization results in lower credit score...I've been working on mine purposely for the last 5-6 years and finally got both equifax and transunion over 800 this spring...

Another alternative is doing a 401k loan at 4.5% interest, paid back to myself....hafta weigh the pros and cons there as well

Or start playing powerball lol

Thanks again!!
 

machinemind

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