We’ll be reaching out to MeetEarnest soon for a possible interview and to answer your refinancing and debt consolidation loan questions. On the Debt Management front, we spend the majority of this week’s show discussing the pros and cons of debt consolidation loans, and what things you should consider before choosing a: 1) Consolidation Loan; 2) Credit Card Balance Transfer; or 3) Refinance Loan. We also discuss other things to consider before you choose one or all of these methods when it comes to your credit report and credit score.
#TGOS Tip: Before you rush into that “low introductory balance transfer” credit card offer, slow down and consider these 5 following things:
- Most credit card balance transfers will charge an upfront fee of 3-5% percent (or more)
- Will you be able to transfer your entire credit card balance or just a portion?
- APR is an annual rate. Be sure to divide your APR by 12 (or review your last few statements) to get a better idea of how much interest you’re actually paying each month.
- Is your monthly interest greater than or less than the amount you’ll pay to transfer the balance (3-5% x the balance you plan to transfer)?
- Will you be able to pay off the balance before the low introductory rate expires? If no, will your new APR be higher/lower than your current APR?
Remember, you may be best served by staying with your current credit card(s) and paying as much over the minimum payment as you can than making the balance transfer. Exception: if you have an opportunity to do a 0% interest balance transfer with ZERO fees? Take the deal!
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