I have no clue how they got my info. Fuck, now that I look at it they don't even have my first name, just the initial.
I got a call from them today too. We paid off the furniture last month we bought at Leons so they called to tell me I have $15k I can have. They told me most people use it to consolidate debt.
well it makes sense.... if you have 3 loans at 10% and each is at $5000 if you consolidated them you'd be able to save .5% in total if you didn't, you'd have $15000 at 30% vs their $15000 at 29.5%
just think though if you had three credit cards with 15000 on them credit card rates at 18.9% that would save you like 27.5% interest PER year.....HUGE. side note, Anyone know who I could get a job in personal finance???
I have 5 credit cards with a $5k balance on all of them. The interest rate is 20% on all of the cards. Based on Watcha's calculations, I pay 100% interest on $25k balances.
Well, consolidating at a higher interest can lead to lower payments. CC's are amortized over 3 years, and the loan can be 5 years.
That is almost as fantastic as consolidating your personal debt in to your mortgage. Why pay 12% on $20,000 over 4 years when you can pay only 4-5% over 30 years!
