34% Loan v. 0-16.9% Balance Transfers?

[dmc917]

---

@Anonymous wrote:

Another option (if you haven't already considered these) is either going to Navy FCU and see if they will pay off and take over the loan.  Or look at Lending Club/Prosper to see what they will offer.  Those should give you something between the 0% and 15% interest the credit cards will charge.  Failing that, I definitely believe that we work hard to have these cushions for when things happen.  I would definitely talk to the CU about the loan, but failing that, I'd have the money on the 0% cards yesterday.

Good luck.

---

Thanks.  I will circle back around with Navy Fed today and speak with someone higher up the ladder regarding taking over the loan.  

[Creditaddict]

Check the personal loan companies and I listed they are all soft polls to check rates and will just take a couple minutes you don't need to talk to anybody higher up at Navy if you want to apply for a personal loan you just do it online

[dmc917]

---

@Creditaddict wrote:

check rates with:

credible

loanme

avant

sofi

but start BT this stuff ASAP

use 0% if you have it and put remaining on Navy.

---

On it!  

Thanks, much!

[dmc917]

---

@Anonymous wrote:

Do the BT's. Then sit down and really look at how you are spending money and try to find ways to cut expenses. Because you are in the gateway to losing control of your finances from what I can see. Good luck

---

Nope, not in the gateway.  Had a few planned big purchases and a couple of unexpecteds happen (new house purchases, chemo treatment for our labradoodle who was diagnosed with lymphoma last month).  We have been cutting back expenses (refinanced 18% car payment to 12.5%, then again last month to 4.24%) as well as increasing credit lines.  We can afford to pay the $960/month loan, we just don't want to anymore.  

Appreciate your concern, though.

[dmc917]

---

@Kevin86475391 wrote:

---

@dmc917 wrote:

My thinking over the weekend was to balance transfer to all of our 0% interest cards ($24,200 over 7 cards:  Freedom, BoA, 2 Amex EDs, 3 CapOnes) which would max them all out - which scares me a bit.  My thinking today is to either divide into two balance transfers to our Navy Federal cards at 15.65% and 16.9% or spread them out amongst Capital One 0%, Navy Federal and maybe Amex 0% -- only maxing out Capital One and Amex.

 

---

If it were me I'd be leaning toward spreading the balance out more and not maxing anything out. Absolutely use the 0% interest while it's available, but personally I'd probably put about 79% on each of the 0% interest cards and leave the rest on Navy Fed, thus spreading it out over all 9 accounts. This is especially true if you're not worried about reducing payments (the minimum on 9 payments would likely exceed the minimum on only 2 or 3 - I know you said you pay more than the minimum anyway), but rather just focusing on saving money and paying down the debt (your principle will be dropping much faster and less of the balance will be on the 15-17% Navy Fed cards).

Of course it will be important to do the math on the balance transfer fees to the 0% cards vs the no-fee Navy Fed BTs.

---

All good points!  Thanks.

[Creditaddict]

If you do just go the balance transfer route versus a new loan I can ashore you your credit will do better with a few maxed out cards then every single card having a balance

[compassion101]

Use the 0% cards. If you feel it is too close to maxed out then leave a little and put that amount on a higher card.

[dmc917]

---

@compassion101 wrote:

Use the 0% cards. If you feel it is too close to maxed out then leave a little and put that amount on a higher card.

---

Will do!  Thanks.

[dmc917]

Okay, I think I'm good to go now.  Thanks to all for your suggestions!