Offer in the Mail

[sinkinginDM]

Hi all, 1st time posting so bear with me if I missed a previous post on this:
Background Info
~13,000 in CC Debt
Own my home (at least part of it)
Stable income


I got an offer in the mail today to consolidate debt at anywhere from 8 - 19% for $15,000. My current debt has a weighted average int rate of 14.5%. Do I take this offer as long as it's < the 14.5% (and save roughly 4.25 - 12.25% total cost of debt over 36 months) or do I try to play the balance transfer game for a couple of years and maybe get lucky?

If you need any more information, let me know.

Thanks.

[sm808]

I think this totalyl depends on your FICO score. If its not very strong, you might not get a low enough rate to justify the balance transfer fees and to keep being able to BT.

[anonymous_saver]

I would not take this offer. Unless they were offering a for sure rate, or at least below 8%, I may consider it. I would just keep on paying down on the highest interest card instead. Are you putting extra towards the highest interest CC each month?

[sinkinginDM]

Am I putting more to the highest card...yes. To the extent that I could...no. My fiancee and I are planning on avoiding charging any of our wedding so I am putting a large amount of my post-required spending to that cause.

I appreciate the responses...

[anonymous_saver]

My only other suggestion is that if you have an emergency fund over $1,000 or so, that I would think of using that money to pay down your debt as well. Just a thought anyways, I realize that if you are planning a wedding you may need some money "sitting around".

[safari]

Look for 0% balance transfer offers, or a fixed percent until the balance is paid in full.

[b4freedom]

Do not take the offer. Keep in mind that most offers add a 3% fee to the deal. So, you could end up paying more.

For your wedding, I’d suggest you register with a website like gogift.com and use it to pay off debt and start saving for a house. Good luck!

[tripods68]

One way to find out. Read the fine print and be sure to Call the credit card issuers to determine the exact % you will end up if you decide to go with them. Many times, they will tell you exactly what is your rate will be.

Good luck