niiiiiiiice i just got my interest rate lowered, 16% -> 11%
- Thread starter Ns1
- Start date
I would agree, I think I was paying 18-19% @ 19
Of course that wasnt in this current market of extremly low interest rates.
example: I'm paying 5% on my used car loan now, I dont think anyone offered anything that low on used cars when I was 19
-Spy
dullard
Elite Member
- May 21, 2001
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I've had credit cards since I was 18 and I've had 0% the whole time. How? Simply by paying it off each month. If you celebrate going from 16% to 11%, you would really like this 0% rate.
Honestly that is the last thing you should do. Just wait a couple of months, use your savings from the lowered interest to pay more of your bills off, then quickly your balance goes to zero then buy those car parts at 0% interest.
MichaelD
Lifer
- Jan 16, 2001
- 31,528
- 3
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I have learned the hard way; credit cards are a necessary evil, but mostly just evil. If you can't pay it off at the end of the month, don't buy anything. <--too bad I didn't do this.
Yesterday I also consolidated the balance of four CCs into a payoff loan. The average interest rate of those four cards was 17%. My interest rate for the payoff loan is 13.8%. A small savings over the next three years. HOWEVER, it looks good on the credit report that those cards are CLOSED and have ZERO balance owed.
This is what I usually try to do, unfortunetly sometimes you have to make purchaces that you either cannot pay off imediately or you are waiting on a reimbursement for, etc. and for those it's nice to accrue as little interest as possible.
-Spy
damn... i wish i could lower my interest rate 5%... but i dont think they let you go below 0% until 8/04
dullard
Elite Member
- May 21, 2001
- 26,191
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The way you posted made it seem like you carry a large balance, and will use this savings to put you further into debt. So in your case it was time to buy car parts no matter what, you will pay it off quickly, and you are happy to have a slight savings in the mean time. Well that is ok then, just ignore my post above. But it really isn't that exciting though now to have dropped a few %. Suppose you were to pay off a $1000 car part purchase in 3 months. Using those numbers your lowered interest will save you a measly $8 or so on that $1000 purchase. That is $8/$1000 < 1% discount. Certianly good, but not the excitement that I got from your original post.Originally posted by: NeuroSynapsis
actually i've only paid interest on this card 4 times in the past 2 years
i'm pretty good about keeping a zero balance, but i have a car meet to go to in 4 weeks and i need some parts
- Jun 17, 2001
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Originally posted by: dullard
The way you posted made it seem like you carry a large balance, and will use this savings to put you further into debt. So in your case it was time to buy car parts no matter what, you will pay it off quickly, and you are happy to have a slight savings in the mean time. Well that is ok then, just ignore my post above. But it really isn't that exciting though now to have dropped a few %. Suppose you were to pay off a $1000 car part purchase in 3 months. Using those numbers your lowered interest will save you a measly $8 or so on that $1000 purchase. That is $8/$1000 < 1% discount. Certianly good, but not the excitement that I got from your original post.Originally posted by: NeuroSynapsis
actually i've only paid interest on this card 4 times in the past 2 years
i'm pretty good about keeping a zero balance, but i have a car meet to go to in 4 weeks and i need some parts
haha yeah, my current balance is only like 300 bucks, and i plan to put ~2k on it and pay it off within 4 months
hoping to pay < 60 in interest
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