Paying Off a Loan with Credit Cards
by Scott Bilker |
Scott,
I have a home eq. loan for 10 years at 8.50% for
$26,000.00. Could I pay this down with credit cards using $500.00 a
month payments?
--J.G.
Answer
J.G.,
I think a better strategy is going to be to get
another loan to pay this off. After all, 8.5% ARR is a fairly good
rate so you may have some trouble beating this rate with credit
cards over a ten year period. It can be done as long as you have
enough credit to continually get good, true, low rate offers.
With interest rates dropping try shopping for a better loan on my
web site at:
http://www.debtsmart.com/cards/
Scott
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