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Tuesday, March 5, 2024   

Survey Results: "Your Interest Rates"
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
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Scott BilkerThis survey originally ran in the 1/15/03 DebtSmart Email Newsletter.
To take the survey click here.

What's the highest interest rate you're paying on any loan (not mortgage)?

6.97% of respondents said 0% - 3%
9.3% of respondents said 3.01% - 6%
9.3% of respondents said 6.01% - 9%
18.6% of respondents said 9.01% - 12%
11.62% of respondents said 12.01% - 15%
6.97% of respondents said 15.01% - 18%
9.3% of respondents said 18.01% - 21%
20.93% of respondents said Greater than 21%

What type of loan is at that high rate?

60.46% of respondents said Credit Card
11.62% of respondents said Car Loan
6.97% of respondents said Personal Loan
2.32% of respondents said Loan from a friend

What's the lowest interest rate you're paying on any loan (not mortgage)?

23.25% of respondents said 0%
4.65% of respondents said 0.01% - 3%
18.6% of respondents said 3.01% - 5%
13.95% of respondents said 5.01% - 7%
11.62% of respondents said 7.01% - 9%
6.97% of respondents said 9.01% - 12%
6.97% of respondents said 12.01% - 15%
4.65% of respondents said Greater than 15%

What type of loan is at that low rate?

53.48% of respondents said Credit Card
20.93% of respondents said Car Loan

Have you taken advantage of any low rate credit card balance transfer offers in 2002?

44.18% of respondents said Yes
44.18% of respondents said No

If so, please write about the details of the offer, interest rate, length of offer, etc.

"I always switch my balances to 0% credit card offers, even if it's only for 6 months- then I just switch to another 0%. (As long as they don't have transfer fees.) I have even transferred personal bank loans (under $5000) to 0% credit cards. It has saved us a ton of money."

"I currently have a 0% interest rate for one year on my credit card (good until Feb of 2004), issued by CITIBANK. It is a Diamond card with additional free benefits."

"Citibank,5.9 fixed balance transfer rate till paid in full and no transfer fees."

"Year-long 0% intro rate, fixed at about 8-9% after that..."

"0% APR for 6 months, no transfer fee, 12.99% after 6 months."

"Zero percent for six months."

"From 19.9 to 1.9 for 10 months, then 9.9."

"0% for 12 months on Cash Advances and Balance Transfers."

"I likely did several. I only remember the details on the last one: I shifted $600 to a 0% for six months card to take advantage of at least that much of a break. To avoid Discover's double billing when the rate goes up again, I plan to pay them the $100 or so monthly to clean them up before the six months ends."

"We have transferred a few times, from cards charging from 13.5% to 10.74%, to cards offering free transfers at reduced rates. The rates we have are from 0%-2.99%. Some were for a year and some had no time line."
-- Anonymous

"I am still using an American Express card that has a 0% rate that will be paid off before the 9% interest rate kicks in. And on top of that I have over $100 in cash rewards on this card."

"I am paying on one of those 0% financing offers from Best Buy for my washer & dryer. I've divided the total amount due by the number of months in the promotion and make that my payment each month. THIS MEANS I PAY NO INTEREST!!!"

"I transferred $9400 from MBNA at 15.99% to Chase at 0% for 12 months. I also applied for and received a business credit card from Capital One so that i can write off all the interest on the Cap One card."

"I transferred a balance at 0.0% for one year."

"4.9% on balance transfers until it is paid off."

"Amex Optima - no cost transfer; interest rate 2.9; unlimited time to pay off. Citibank - no cost transfer; interest rate 4.9; unlimited time to pay off."

"Citibank, transfer 0.0% until February 2004, no transaction fees etc."

"American Express sent me an offer to transfer a balance for 5.9%. It will remain at that rate until my balance transfer of $8,000 is paid off, unless I have a late payment at which time the interest rate will increase to 17.9%."

"Actually, I guess I took advantage of it before 2002, but I took a locked-in 3.9% balance transfer from Citibank, good till my balance is paid. I've reduced the amount from $5,600 to $2,700."

"We used to have a mortgage at 8% but paid it off in 1998. We hate debt and have worked very hard to get where we are. I'm glad to say that if there is any interest involved at all, we are RECEIVING it - not paying it out!!!"

Do you have a mortgage?

60.46% of respondents said Yes
34.88% of respondents said No

What's your mortgage interest rate right now?

9.3% of respondents said 5% - 6%
23.25% of respondents said 6.01% - 7%
13.95% of respondents said 7.01% - 8%
4.65% of respondents said 8.01% - 9%
6.97% of respondents said Greater than 9%

What do you Think?
Fill out the Survey

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