I received a check from Fleet the other day for 2,500 at 16.9% fixed rate. If I deposit it into my checking account then I agree to their terms. I really need $800.00 for new refrigerator, car insurance, property taxes, husband has a dental problem. All at once of course. My question is, Would it be dumb on my part to use this check for these purposes, immediately paying the 1700.00 back to the card and paying the 800.00 off as soon as possible or is this a stupid idea?
Couldn't you simply use the credit cards you already have, as long as the interest rate is less than 16.9%?
I don't think it is dumb, but make sure you have exhausted all other alternatives. 16.9% APR is not the highest interest I have seen, but it is high in this day of the teaser rate. If you do have to use the card, why not just use the $800? Do you have to use the $2,500 check? http://www.creditsense.com
