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I recently got an offer for a credit card which will cover a previous debt I have with another company. The collection agency is offering me a Visa with a balance of the amount I currently owe. As I pay the debt down I will have available credit limit. Should I or shouldnt I? I am just thinking about waiting until I have some more $$ when I finish school to pay the debt off and be done. I dont know what to do. I have fallen off the wagon and now I have to think smart. Please help.
Nik J
The CA is offering this? Sounds like a way for the CA to get its money now, and then shift the debt to possibly even worse terms to another.
The new CC will do a hard inq, reduce your AAoA, give who an astronoimical interest rate on that card, give you a crappy CL, and just increase your debt at a higher interest rate than the CA can tack on.
It looks like a skunk, and smells like a skunk, so it is probably a rose?
WOW!
By the time it is over,they have you so confused and commited to their uncommitals that it makes my head ache!
I would borrow from Tony Soprano before I would agree to something that I dont even know what I am agreeing to!