I owe approx. $27,000.00 on a unsecured credit card. My goal is to have it payed off in 3 years. Within the last year I transferrred my balance to a Bank of America Master card with 2.90% interest for 1 year. I have a few more months before the 2.9% expires and it jumps to 9%. I'm looking for some creative ways to get this to a 0% rate (hopefully for one year) with another card company with a minimum payment of about 1% of the balance and no or little transfer fees. Any ideas or card suggestions? I will not be spending on this card. Goal is to start FINALLY getting out of debt and look forward to a possible retirement. Thanks
Sorry, I'm the dad of refractory and found this sight interesting. I posted using his login for my own question. Sorry for the confusion. Input to my question would still be greatly appreciated. Thanks
Okay, now that we've cleared that up... A few options here: 1) Look for another credit card "offer" with a 0% Balance Transfer offer: you can search the internet for these offers. Try www.bankrate.com for comparisons, 2) Try to negotiate an extended BT period with BoA, they may continue the 2.9% rate if you ask, 3) You may want to explore a "Home Equity Loan (HEL) or Home Equity Line of Credit (HELOC)". The rates wil be higher than a BT rate, but they will be much lower than credit card rates. The interest is tax deductible also. 4) Do a combination of the above, borrow some against any home equity, transfer some to a new CC with a balance transfer offer, etc. 5) Pay down portion of the balance using any savings you may have. If you have some cash saved, that is only yielding say a 5% rate, you would be better off paying down the debt (once the BT offer rate is up).
