PRINTABLE: Paying Off a Loan with Credit Cards

Wednesday, December 11, 2024

Paying Off a Loan with Credit Cards
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 Scott Bilker and DebtSmart can be found in the online media kit.

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

Copyright ©2024 Press One Publishing. All rights reserved. Use or purchase of any material at DebtSmart.com including but not limited to books, articles, and software is subject to the following disclaimer/warning.