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 This 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)?
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6.97%
of respondents said 0% - 3% |
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9.3%
of respondents said 3.01% - 6% |
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9.3%
of respondents said 6.01% - 9% |
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18.6%
of respondents said 9.01% - 12% |
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11.62%
of respondents said 12.01% - 15% |
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6.97%
of respondents said 15.01% - 18% |
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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% |
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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?
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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 |
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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."
--Anonymous
"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."
--Anonymous
"Citibank,5.9 fixed balance
transfer rate till paid in full and no transfer fees."
--Anonymous
"Year-long 0% intro rate, fixed
at about 8-9% after that..."
--Anonymous
"0% APR for 6 months, no
transfer fee, 12.99% after 6 months."
--Anonymous
"Zero percent for six
months."
--Anonymous
"From 19.9 to 1.9 for 10 months,
then 9.9."
--Anonymous
"0% for 12 months on Cash
Advances and Balance Transfers."
--Anonymous
"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."
--Anonymous
"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."
--John
"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!!!"
--Tracy
"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."
--Anonymous
"I transferred a balance at 0.0%
for one year."
--Anonymous
"4.9% on balance transfers until
it is paid off."
--Anonymous
"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."
--Carol
"Citibank, transfer 0.0% until
February 2004, no transaction fees etc."
--Anonymous
"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%."
--Anonymous
"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."
--Anonymous
"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!!!"
--Tracy
Do you have a mortgage?
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60.46%
of respondents said Yes |
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34.88%
of respondents said No |
What's your mortgage interest rate right
now?
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9.3%
of respondents said 5% - 6% |
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23.25%
of respondents said 6.01% - 7% |
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13.95%
of respondents said 7.01% - 8% |
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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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--End--
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