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@Anonymous wrote:
That's pretty much what we're hoping for he's really stressed and overwhelmed because of it and it's not helping him get better.
The cards with a 0% BT usually have a 3-5% fee though which is a big downside.
OK, lets look at some actual numbers:
A $10K balance at 18% interest will cost you $150 per month - $1800 over the course of a year.
A $10K balance transfer at 3% will have a one time cost of $300, and will save you $1800 in interest over 12 months. 1800 minus 300 equals 1500 net savings.
Seems like a pretty small "downside" to me.
Chase Slate is 0 interest for 15 months with no transfer fee, also try Citi card they have the same offer if not better.
I don't even think you CAN file bankruptcy for $6800, so that's not going to be the answer. Can he afford the minimum payments? $6800 is not an insurmountable amount of debt, it may seem so right now, but he can get out of it. I'm a huge fan of the snowball or avalanche. Pay the minimums on everything except one card which you pay extra, when that's paid off add that amount to the next one. And keep going..... A balance transfer to 0% would be ideal. Capital 1 QS gave me a 0% balance transfer for 18 months....I would check on that.
I don't know their income requirements, but LendingPoint offers debt consolidation loans to people with 600-680 FICO.
Been around for about two years, decent (4 out of five star) user reviews, uses alternative qualifications (more data than just FICO).
They have soft-pull to see your offers and rates.
Might be worth looking into?
They offer 2-3 year repayment schedules, so your dad would at least have an end in sight?
Is this even a question? I mean seriously a balance transfer is the only way to go here. Ok he can't do chase but there have been other suggestions as far as cards go for balance tranfers right here in your thread. Its the cheapest alternative.
Hope your father gets well soon. Prayers sent