Comments on: What to Do When Balance Transfers End http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/ Our Journey to a Debt-Free Life Mon, 13 Feb 2012 00:10:21 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Carnival of Debt Reduction » Archives » Carnival of Debt Reduction up at My Money Forest http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/comment-page-1/#comment-2912 Carnival of Debt Reduction » Archives » Carnival of Debt Reduction up at My Money Forest Sat, 04 Nov 2006 03:19:39 +0000 http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/#comment-2912 [...] Blogging Away Debt tells what to do when balance transfers end. [...] [...] Blogging Away Debt tells what to do when balance transfers end. [...]

]]> By: Blogging Away Debt » Blog Archive » My Balance Transfer Decision http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/comment-page-1/#comment-2835 Blogging Away Debt » Blog Archive » My Balance Transfer Decision Thu, 02 Nov 2006 22:44:30 +0000 http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/#comment-2835 [...] Last week, I was trying to figure out what balance transfer to complete because one of my balance transfer offers was ending. [...] [...] Last week, I was trying to figure out what balance transfer to complete because one of my balance transfer offers was ending. [...]

]]> By: Tricia http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/comment-page-1/#comment-2611 Tricia Sun, 29 Oct 2006 17:27:50 +0000 http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/#comment-2611 D - thanks for the motivation :) Bob - you are correct. You can only have one Prosper loan outstanding at a time. I would need to use one of the balance transfer offers to pay off the Prosper loan and then turn around and try for another. Another thing I just thought of is that if I did that - all of our debt would be in my name. Currently, our debt is spread out between my husband and I. I think it's probably not best to lump it all on one of us. Jen - thanks for your input on perhaps using both of the balance transfer offers. I didn't even think of that! D – thanks for the motivation :)

Bob – you are correct. You can only have one Prosper loan outstanding at a time. I would need to use one of the balance transfer offers to pay off the Prosper loan and then turn around and try for another. Another thing I just thought of is that if I did that – all of our debt would be in my name. Currently, our debt is spread out between my husband and I. I think it’s probably not best to lump it all on one of us.

Jen – thanks for your input on perhaps using both of the balance transfer offers. I didn’t even think of that!

]]> By: Jen http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/comment-page-1/#comment-2598 Jen Sun, 29 Oct 2006 14:12:47 +0000 http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/#comment-2598 Hmm... What are your chances of getting a 0% offer? If they are really, really good, then I would still consider it. But, the way see it, you're betting that you're going to get an offer. If it were me, I'd transfer the debt to Card #2 for six months. Once the six month term was up, I'd transfer the remaining balance to Card #3. I think this would cost you less interest. Of course, I'm assuming the balance transfer terms for Card #3 will be the same six months from now. Now that I think about it, though, if you can't be certain that Card #3 will still have the better rate for the life of the balance six months from now, then maybe you are better off transferring to Card #3 now. I do like the idea of having a fixed payment, or a fixed rate, for the remainder of the balance. Not as many ifs to worry about. Another possibility is, you could split the balance between the two cards. Transfer a smaller amount to card #2 - and an amount you know you can pay off within 6 months. And transfer the rest to card #3. That might be the better compromies. You'd still be saving more interest than if you transferred it all to card #3, but you're won't run the risk of getting caught with a higher rate six months from now. I hope that helps! I know how it is when trying to make financial decisions and you don't have crystal ball. - Jen Hmm… What are your chances of getting a 0% offer? If they are really, really good, then I would still consider it. But, the way see it, you’re betting that you’re going to get an offer.

If it were me, I’d transfer the debt to Card #2 for six months. Once the six month term was up, I’d transfer the remaining balance to Card #3. I think this would cost you less interest. Of course, I’m assuming the balance transfer terms for Card #3 will be the same six months from now.

Now that I think about it, though, if you can’t be certain that Card #3 will still have the better rate for the life of the balance six months from now, then maybe you are better off transferring to Card #3 now. I do like the idea of having a fixed payment, or a fixed rate, for the remainder of the balance. Not as many ifs to worry about.

Another possibility is, you could split the balance between the two cards. Transfer a smaller amount to card #2 – and an amount you know you can pay off within 6 months. And transfer the rest to card #3. That might be the better compromies. You’d still be saving more interest than if you transferred it all to card #3, but you’re won’t run the risk of getting caught with a higher rate six months from now.

I hope that helps! I know how it is when trying to make financial decisions and you don’t have crystal ball.

- Jen

]]> By: Bob http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/comment-page-1/#comment-2580 Bob Sun, 29 Oct 2006 00:30:06 +0000 http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/#comment-2580 I think that you can only have one outstanding loan at Prosper at a time. So you would either have to pay off your existing loan or have your husband take out the new loan. I think that you can only have one outstanding loan at Prosper at a time. So you would either have to pay off your existing loan or have your husband take out the new loan.

]]> By: D http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/comment-page-1/#comment-2554 D Sat, 28 Oct 2006 16:20:58 +0000 http://www.bloggingawaydebt.com/2006/10/what-to-do-when-balance-transfers-end/#comment-2554 I think anyway you choose will work out. You are doing a fabulous job at attacking your debt. In my opinion, I would go for a 0% with no balance transfer fee. I know you don't want another card but the rewards could outweigh the slight drop in your FICO. Then what ever, if there was any, of the balance not covered by the 0% transfer move to the 6.9%. This will keep you - I think - at the same number of monthly payments. Maybe at the next roll-over/snow ball you can combine them down one. Good Luck - don't worry it will be fine. I think anyway you choose will work out. You are doing a fabulous job at attacking your debt.

In my opinion, I would go for a 0% with no balance transfer fee. I know you don’t want another card but the rewards could outweigh the slight drop in your FICO.

Then what ever, if there was any, of the balance not covered by the 0% transfer move to the 6.9%. This will keep you – I think – at the same number of monthly payments.

Maybe at the next roll-over/snow ball you can combine them down one.

Good Luck – don’t worry it will be fine.

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