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03-02-2009, 04:25 PM
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Loans by Mail
How safe are those offers from Bank of America, etc. that offer loans to pay off credit cards...??
Seem too good to be true...giving you the option of taking a 3-4-5 year term to pay off cards...give you estimated payments that are lower than the sum of current payments... Good move?? 
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03-02-2009, 04:53 PM
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Not enough info to know if it is a good move, but if they are coming from a legitimate business, like BoA, they are certainly safe. You need to read ALL of the fine print and understand all of the terms, fees, interest, penalties, etc. Always remember that they aren't doing it out of the goodness of their heart. They are doing it to make money.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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03-03-2009, 10:05 PM
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You should also investigate the snowball payment strategies touted by Dave Ramsey and John Commutta. Most people can pay off all credit card debt in 2-3 years. The payments are not lower than the minimums however. In fact, you should strive to pay MORE than the minimums. But if you can eliminate debt in 2-3 years versus 5, its likely a better way to go.
Last edited by sweeps : 03-04-2009 at 05:05 AM. Reason: Self-promotion link removed -- see forum rules
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