I should start off by saying I would consider myself very financially savvy. I invest well, own a condo in LA, budget well and spend within reason. Few years ago, I got a masters engineering degree. I’ve never missed a payment on a credit card and I have never paid interest either.
My major debts are my mortgage. I just recent bought a 10+ year old car in cash - so no major car payments besides insurance, gas, maintenance.
I have ~70k in student loans. The interest is 7% or so. I’m considering using a balance transfer credit card to transfer say 10 or 20k onto it and then pay it down over time. I’m looking at credit cards that offer between 15-21 months interest free.
I’m thinking that 1) it’ll stop the compounding of the interest of the entire balance 2) the 3% fee should pay for itself 3) I would continue to make payments on the original loan, but the balance I put on the credit card should help in making a bigger dent in the principal of the debt.
Do you see any issues that I should consider?
Submitted July 03, 2023 at 04:32AM by ApresCurious23 https://ift.tt/ZGOMdst
