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Credit
Cards And Loan Payoffs
Paying Off a Loan with Credit Cards by Scott Bilker
Scott Bilker is the author of the best-selling
book "Credit Card and Debt Management."
He is also the Editor and publisher of the FREE
DebtSmart® E-mail Newsletter (http://www.debtsmart.com).
Sign up today!
Scott,
I have a home eq. loan for 10 years at 8.50% for
$26,000.00. Could I pay this down with credit
cards using $500.00 a month payments?
--J.G.
Answer
J.G.,
I think a better strategy is going to be to get
another loan to pay this off. After all, 8.5%
ARR is a fairly good rate so you may have some
trouble beating this rate with credit cards over
a ten year period. It can be done as long as you
have enough credit to continually get good, true,
low rate offers.
With interest rates dropping try shopping for
a better loan on my web site at:
http://www.debtsmart.com/loan
Scott
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