Consolidated 25,000$ of debt on a loan,8.6% 516.00 mth made 33 of 60 payments,c.card offering 3.9%un

would i save money to transfer my loan balance$13.000 at 8.6% fixed that i have thur a bank loan, at 516.00 a mth, already made 33 of 60 payments, my union plus credit card is offering me 3.9% for transfer,for life of loan, would this be a smart move!i would only use it for this loan! is the calculation on loans and credit card different?

Consolidated 25,000$ of debt on a loan,8.6% 516.00 mth made 33 of 60 payments,c.card offering 3.9%untilpaid?

While it looks good on paper, you will NOT save anything.

Are you refinancing for another 5 years or only on the balance left of the original loan??

If your refinancing the cash balance left for another 5 years-YES, payments are only 239.00, but you start the loan all over again, at their terms.

If it is only for the balance of the term that is left (27 months), NO you will not save money (well maybe a few dollars-but is it worth the hassle??), your payments on $13000 will be $508 for 3.9% for 27 months. Read the fine print on all credit cards--if you are 1 day late with a payment --1 DAY-- they can and will revert your intrest rate to current maximum allowable rate (meaning anytwhere from 18-21%+) and there is not a dang thing you can do about it.

Personal opinion, DO NOT DO IT.

If your trying to lower monthly payments--Refinance cash balance with the bank, with an unsecured loan.

If your trying to save a few dollars but keep the same original payoff date, leave it aone.

Consolidated 25,000$ of debt on a loan,8.6% 516.00 mth made 33 of 60 payments,c.card offering 3.9%untilpaid?

If you%26#039;re going from 8.6% to 3.9% for the life of the loan, then I would say that is a good move.

At 8.6, you%26#039;ll have paid over 1300 in interest until its paid off. You would pay less than half that at 3.9.

Consolidated 25,000$ of debt on a loan,8.6% 516.00 mth made 33 of 60 payments,c.card offering 3.9%untilpaid?

Sounds like a no brainer at first, but hold on there...

Credit card companies can change agreements at any time and are notorious for this - so proceed only if you have a backup plan.

You do NOT want to be stuck without a recourse and you CANNOT trust a credit card company not to change the rules in the middle of the game.

So go for it ONLY if you can be vigilant and ONLY if you have somewhere to move the debt back to should the credit card company do what it does best and pull a switcheroo on you.

Remeber the wisdom in this golden oldie: If it sounds too good to be true, it probably is...

Good luck!