Wednesday, October 24, 2012

Harry Gross: Bank loan or credit-card loan?

WHAT HARRY SAYS: That 3 percent transfer fee sounds a helluva lot better than the 8.49 percent the bank is getting. It will save you more than $700 for the first year, and it will speed up your getting out of this debt. It will have some effect on your credit score, and that will be favorable. Lowering your interest rate to zero shows better management than you had before. The key to a great score is to pay on time as a minimum. You'll be able to do that with ease. You're right about my being pleased with your paying those balances in full each month. You are now living beneath your means, and that's the way to accumulate wealth.

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Write Harry Gross at the Daily News, 801 Market St., Philadelphia, PA 19107. Harry urges all his readers to give blood. Contact the American Red Cross at 800-Red Cross.

Source: http://www.philly.com/philly/columnists/harry_gross/20121022_Harry_Gross__Bank_loan_or_credit-card_loan_.html

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