Hello all,
Through one very poor life decision, I am now in debt with a personal loan of $25,000 paying 15.9% pa. I regret this decision immensely, but no point in crying about spilled beans now.
What I want to do is to find a way to transfer the amount somewhere that won't incur interest. I have already done so partially - got a credit card with max limit of $10k with no interest on purchases for first 12 months, bought $8k worth of gold on it, sold it (luckily at same price I bought it for), then transferred the $8k to the loan.
I've tried increasing the limit on the credit card so I can do more of the same, but bank says I have to wait a few more months before any limit increase can be approved.
Just wondering if anyone here can think of any creative ways to transfer my interest incurring loan to an interest free loan?
There's no such thing as a free lunch..
You realise that (in all likelihood) if you don't pay off the credit card $8000 they'll slug you for the entire interest accrued within the "interest free" 12 months when that interest free period expires?
ie
Day 365 = $8000 owed
Day 366 = $9360 owed (assuming the interest rate is 17%)
Your best bet is to apply for a personal loan with a lower rate and then work your Butt off to pay it down as quickly as possible. Probably means 12-18 months sacrifice with no life.. Just work, eat, sleep.