Take loan against 401k or Balance Transfer to credit card?
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I agree with everyone here- don't take a loan on your 401(k) unless you have absolutely no other choice.
0% for 15 months is a great deal if you can get it paid off in that time. It amounts to about $234 a month. If you've got a stable job and room in your budget for these payments, I would do that.
If you can't pay that much a month, I would go for the 3.9% loan where the rate won't jump up on you. It's a good interest rate, and it sounds like they're not screwing you over.
Take loan against 401k or Balance Transfer to credit card?Credit card balance transfer is one of the preferred ways to get rid of credit card debt and is used by many people to get immediate relief. Credit card balance transfer essentially means that we transfer our outstanding balances from a high APR credit card to a credit card which offers low APR's. A 0% Intro APR credit card is the preferred credit card to transfer balances, but because of the widespread misuse of such credit card offers, credit card companies have withdrawn all such offers.
Indeed balance transfer saves a lot of money and can save things from going worse, but many people simply don't know the right way to do balance transfer. This article takes a look at the correct process to initiate and complete the balance transfer.
The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person's credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr's for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings.
When you decide for a balance transfer it doesn't mean that your obligation for payments towards your outstanding balances with the existing credit card company cease to exist. You will have to pay the credit card company all the monthly payments. One way you can save money is to just send the monthly minimum payments to the existing credit card company. This way you won't default and invite penalty. Read more from: http://www.credit-card-gallery.com/artic...
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