Question

I’m thinking of transferring one of my personal loans to credit cards with zero percent financing. This would take multiple cards though. It would help me monthly get on track with saving money for an EF. Thoughts?  

Answer 1

Is there a balance transfer fee for each?  

Comments

@liquidation I think there would be but wouldn’t that be better than paying a high interest fee each month on the loan?  

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@gallard369 depends on how high the rate is

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@liquidation my AMEX Loan interest rate is 12. 99% payment for three years is $842. 23 per month on a $25k loan. My remaining balance is $21, 476. 21. I do have another loan from Prosper with a balance of $17, 799. 52 that rate is 11. 69% payment of $662. 64 monthly.  

Answer 2

@gallard369 unless you can pay off the total loan before the 0% offer ends, you will probably end up with higher interest rates than if you left them alone. Look at the term on the offers and calculate what your monthly payment would be if you paid them off over that time frame.  

Comments

@unknow there’s no way I can pay off two loans in one year but after paying the two loans plus credit cards, car payments, car insurance etc I’m negative