- Centurion Member
- Posts: 875
- Joined: Thu Apr 30, 2009 2:32 pm
- Location: Texas
Pay that thing off asap. If you can pay off at least 50% in the one year, preferably 60%, then I would take the deal. BofA is betting that by lowering your min. payment you'll get lazy and carry the balance, then things will get really ugly a year from now.
Unless you're borrowing for a car or house (and you shouldn't be with this much credit card debt), your credit rating is a non-issue at this point. Even if they close the account it shouldn't hurt your score that much.
Divert every extra penny you can to paying off that debt, whether you take their offer or not. Alternatively, you might consider a balance transfer. These can still be had; I still get 0% offers, but my score is pretty high.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).
*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.