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Home > Archive: November, 2012

Archive for November, 2012

No Balance Transfers For You!

November 1st, 2012 at 05:31 am

I have 2 high interest CCs. Really, at this point, I have one. CC1 is at 8.9%. CC3 is at 0.0% at the moment, and set to jump up to 23.99% at the end of December. So, that's why I say 2. One is high now, and the other will be high soon.

I'm at the point that if I transferred the balances of both CCs to a new 0.0 card, that the 3 or 4% balance transfer fee would be about a wash. The cost of the balance transfer would be about the same as I project we would spend on interest. So, we'll tough it out, and pay the balances as soon as is reasonable.

We are in a bit of a cash flow crunch this month. We paid property taxes and paid for new license tags and new driver's licenses today (we both have November birthdays). And, I'm expecting to fill the heating fuel tank this month or early next month. So, the payoff of CC3 might not happen before the end of the year. We should have it paid off by January, or February at the latest. But, it looks as if I'll be paying that ridiculous interest rate on some of the balance. Then, we can concentrate on CC1.