Tuesday, June 16, 2015

Help a scraper out here: what are some good loan options in Boston?

A few years ago my water heater broke and I put the new one on one of those 0% interest cards, planning to pay it off before the promotional rate ended. My plan was working fine, but then my car broke. And the cat broke. And a relative needed some noncovered medical care. And I had to travel out of town unexpectedly. And one of the young folks living here got an amazing scholarship, but there was some payment required, and I couldn't bear the thought of passing up the opportunity. And so forth.

I managed to do fine making at least the minimums, and paid off a good chunk, but, well, I still have a ton of debt, and we all know those promotional cards jump up to 20% APR once the time runs out.

Since I've learned my lesson that life isn't stable enough these days to count on paying off a 0% card, I'm thinking my best option is to find a bank or credit union, either local or online, that will give me a fixed-rate loan or credit card in the 10% APR range. I own my home, credit score is in the high 700s (decent amount of debt, but no missed payments), have enough income to not miss payments on my stuff but I'm not rich and documenting my cobbled-together income is a chore.

Anyone have anywhere I should look?


  1. Can you find another 0% interest card with free balance transfers and just transfer the balance? I paid off my credit card (that had interest) by transferring the balance to a 0% interest card and no balance transfer fees.

    1. That's a thought. What bank had the no-fee cards? Most I've found are 3% balance transfer fee and low credit limit.