APR%s and Debt

[Jauerback]

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Your friend?

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Yes. I'm glad you can read and do math.

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Can "he" really be this dumb?

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We both were apparently. This is what I told him to do at first, but then he then later confused me with his jibba jabba, and I didn't feel like trying to argue with him, when I didn't have all my facts straight.

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Can he get a loan with a lower interest rate (like a Home Equity Loan) to pay off his credit cards?

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I also suggested this, but he balked at the idea. He didn't want another "loan", even though this makes more sense.

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I would get another CC if he has any kind of credit left. Transfer the 1K and as much as possible of the 10K @15% to a CC with a specail tranfer balance rate of 3.99% or less(any offer less than 15% would be beneficial though). That would save him upwards of $100/month if done at 3.99%.

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He might actually go for this idea. Although, I don't really care. After our discussion, I decided to ask this question for my own personal clarification. Personally, I try to pay off my credit card each month, and I only use it for the rewards.

Thanks for everyone's help -- including the wise asses.

[Big Boiler Dawg]

If his credit is any good (i.e., he hasn't missed any payments, etc.), he should be getting credit card balance transfer offers in the mail all the time (I get about 2-3 a week).

He could then call up his existing card companies, and tell them he's thinking about taking advantage of one of these offers and closing his accounts. But first, he wants to give them a chance to do something for him (like match the offer, or lower his rate to their best rate, etc.).

If he's been a good customer (keeps a high revolving balance, makes timely payments, and pays lots of interest), they'll probably do something for him.

Then he should pay them off ASAP, cut up the evil things, and never look back.