K.C. asked:
I have an auto loan at 16% (I know a little high but when I got it my credit wasn’t as good as it is now) and I have a credit card that has an intro balance transfer rate (which includes just them writing a check to someone) for 6 months and after that ana interest rate of 12% which is still lower than my car rate — I don’t have enough available credit on the card to pay it off but was going to pay about $2000 in a principal payment I still owe in the high $13K on my auto loan…..Ieaving about $11K on my auto loan….I pay my credit card bill on time and pay between $300-$500 a month on the card so I pay well over the min payment amount….Is this a good idea — I’m just trying to get my principal down cause it’s not going down by much with the interest rate being 16% —- also a refi is not an option as I owe more than the car is worth
Thank You I will not use my credit card to do this — I’ll just try and make more the the monthly payment to my card
To my car, lol
Joanne
I have an auto loan at 16% (I know a little high but when I got it my credit wasn’t as good as it is now) and I have a credit card that has an intro balance transfer rate (which includes just them writing a check to someone) for 6 months and after that ana interest rate of 12% which is still lower than my car rate — I don’t have enough available credit on the card to pay it off but was going to pay about $2000 in a principal payment I still owe in the high $13K on my auto loan…..Ieaving about $11K on my auto loan….I pay my credit card bill on time and pay between $300-$500 a month on the card so I pay well over the min payment amount….Is this a good idea — I’m just trying to get my principal down cause it’s not going down by much with the interest rate being 16% —- also a refi is not an option as I owe more than the car is worth
Thank You I will not use my credit card to do this — I’ll just try and make more the the monthly payment to my card
To my car, lol
Joanne
