Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (35169)	11/3/1998 1:00:00 PM
From: Mama Bear	Read Replies (2) \| Respond to of 132070

" a wallet full of 22% credit cards." The second time I've heard this rate on this thread. There is no reason to pay such a high rate nowadays, unless you have bad credit. When I got married, my spendthrift husband brought a big piece of consumer debt to the marriage. Most were around 18%, simply atrocious. The first thing I did was to call the company he had been with the longest and negotiated prime + 3.9%, adjusted quarterly. Then I applied for cards with 'teaser' rates of 5.9, 6.9, and 7.9% and transferred the debt. The company that I negotiated the lower rate didn't like having the debt transferred off the books, and offered prime minus 1% (7.5% at the time) for a year. One of the card companies that gave us a teaser rate also didn't like being paid when the teaser period ended, and reacted in similar fashion. We paid off the debt in less than 2 years, and never paid more than 8%. Was there some effort involved? Sure there was. But it was worth it. We pay all our credit cards bills in full now that I've got him trained properly. Barb