The BT for 3.9% (lasts through next December) is a good financial idea.
You do need to consider that if you BT the full $20k, that you will go over limit (interest accrues from day 1) which I don't advice. I would suggest BT of like $19,900 so that you stay under $20k when the interest hits. At the 3.9% it will be less than $100.
I would not close your jewelry account or any account that doesn't charge you AF or other monthly fees. This adds CL to your overall utilization totals meaning that it will help your score and useage ratios. But closing the high fee cards and diverting that money to paying off debt is a good idea.
Also, dig deep. Get a written plan. Cut, cut, cut expenses. Sell some unneeded stuff. Get a part time second job and work hard on paying the debt as fast as possible while in the 3.9% rate. Cause a year from now your interest will triple (and could be higher if rates happen to go up, which is possible).
BTW: I went with PSECU a few months back and a was posting about this very thing a few months back on the PSL/Visa combo account at PSECU.
And for those reading: I hope you caught the point that when he BT's his $20k, this amount will show on his CR, but he will also have a $0 balance account reported on another CL for $20k. With this type of "combo" LOC and Visa account, the CL's are combined and the total is reported to both accounts. So the Visa reports $20k (cause it has its own CL plus access to the PSL CL) and the PSL has its CL plus access to the Visa CL. So his PSECU overall utilization will report at 50% with $40k in CL's and $20k useage.
Message Edited by txjohn on 11-16-2009 01:37 AM
