I have a 9,500 dollar C.C. balance with a high interest rate and am looking to move money around, possible?

I want to borrow the 9,500 from a friend, pay down that high interest debt and use a a purchase check from that same c.c. company with a fixed rate of 8% for the life of the balance to pay back my friend in a weeks time. Will this work and is it a good idea? I know there is a 3% transfer fee using the purchase check, but considering I don't see the balance going down any time soon, I think it is worth it since I will be going from like 17% to 8% APR. Am I missing something here, will the C.C. company allow this?

I have a 9,500 dollar C.C. balance with a high interest rate and am looking to move money around, possible?
Wow, you are really lucky to have a friend who is willing to loan you 9,500! I think this is probably a good idea- you're getting killed right now on the 17% APR, so you've got to do something.





The thing that worries me is your statement that you don't see the balance going down any time soon. You've got to take action to bring that balance down not only for your financial health, but so you won't have to worry about it so much. Having something like that looming over you is a huge source of stress. Even if you have to pick up a part-time job to bring in some extra income, I think it would be totally worth it.





I would also shop around at www.bankrate.com to see if you qualify for a balance transfer with even better terms on another card. This will largely depend on what your credit history looks like, but it can't hurt to try! You might be able to find an even better deal.





Good luck!

verbena