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Dear
Scott,
I constantly call my credit card
companies to find out about special deals.
Any credit card debt I have is at
either 3.9% or 4.9%, I have about $1,500.00 at 5.9%. All are for the
life of the loan.
I called Citibank and they are
offering 3.9% for the life of the loan, I called AT&T (which is
owned by Citibank) and they are offering a comparable rate for the life of the loan.
I do not need the money now so I
am waiting until the offer expires.
When I ask when the offer expires,
sometimes both companies say 9/17. Other times they tell me they do
not know, and they try to encourage me to make to make a transfer
immediately.
In neither case have either
company mailed me an offer, it has all been over the phone.
My question is with interest rates
going up, is it safe to wait until September, or should I make the
transfer right away?
Jesse
Jesse,
Shedding debt means saving money. The
easiest way to save money on debt is to reduce the interest rate by
transferring balances.
Continually calling your credit card
companies to learn about special deals is one of the most
DebtSmartŪ strategies! What many people don't realize is that they
may have a great offer available, right now, even though they haven't received
anything in the mail.
 It
seems that you're doing a great job with your current debts. The
highest rate is a fixed 5.9%. You did say that you don't need the
3.9% fixed deal now however, you could use that to reduce the cost
of the 5.9% loan--that's what I would do.
You may be thinking, "If I
transfer my balance then I'll lose that 5.9% fixed deal." It's
okay to lose that because you're saving money. You know that you'll
get more offers in the future, especially from that 5.9% card that
you just paid off. I'll bet they'll send you out a new low-rate
offer within two weeks after you pay them off.
The strategy is always to take
advantage of your best credit offers today. Transfer to your lowest
rates now. Don't wait.
Good luck!
Regards,
Scott
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