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Updated about 8 years ago on . Most recent reply

User Stats

147
Posts
92
Votes
Rachel N.
  • Orlando, FL
92
Votes |
147
Posts

HELOC Repayment, 0% Credit Card recommendations?

Rachel N.
  • Orlando, FL
Posted

I have $30,000 out on a HELOC that I used toward an investment property. It has a 6.78% interest rate, and I believe I could probably pay it off in 12-15 months. At that interest rate, I'm paying about $170 per month with a $30,000 balance -- this number gets down to $115 per month when it's a $20,000 balance, etc. I'm just annoyed to be paying so much in interest over the course of a year...

Is it worth it to try to find a credit card with a 0% interest rate for 15 months for balance transfers if I think I could pay it off within 15 months? (I always pay my credit cards in full every month, and I recognize the riskiness of this strategy, also not sure if opening a new card would result in too much of a ding on my credit.) If so, does anyone have any good recommendations for credit cards?

Thoughts?

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