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Question

Have a period of free interest on a timeshare coming due, going to a loan with 14%. What is the best way to finance? If no other possibilities, would it make sense to move it ($21,000) to a credit card with 7.9% interest?

Submitted: 16 days and 9 hours ago.

Category: Finance

Value: $9

Status: CLOSED

Country/State/Province of question: colorado

Already Tried:
also, trying to sell the timeshare - asking very low price and at a brand new ski lodge in Breckenridge, but considering the economy....

Posted by Milan Vaishnav 16 days and 8 hours ago.

Answer

Dear XXXXXXXXX,

Yes.. it certainly makes sense to move it to the Credit Card at 7.9%. Especially at this rate as this rate is competitive enough by any means.

Go ahead..Good luck..
Warm Regards,

16 days and 7 hours ago.

Reply

Given the economy, is there a chance the credit card companies could increase the interest - would there be any drawbacks to having that large a sum on a credit card as opposed to a set loan?

Accepted Answer

Dear XXXXXXXXX,

You are right, but Credit Card financing should be used as a short term financing, say may be a year or so. This just to avoid selling at such low prices.

You should keep trying for conventional sources of finances con-currently. This is just a short term measure of 12-18 months.

I hope I am clear...
Warm Regards,

Accepts:
Expert:	Milan Vaishnav
Pos. Feedback:	99.5 %
Answered:	11/5/2009

Financial Advisor

Technical Analyst in Financial Markets -- Experience of more than 10 years in consulting

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Question

Have a period of free interest on a timeshare coming due, going to a loan with 14%. What is the best way to finance? If no other possibilities, would it make sense to move it ($21,000) to a credit card with 7.9% interest?

Optional Information

Country/State/Province of question: colorado

Already Tried:
also, trying to sell the timeshare - asking very low price and at a brand new ski lodge in Breckenridge, but considering the economy....

Answer

Dear XXXXXXXXX,

Yes.. it certainly makes sense to move it to the Credit Card at 7.9%. Especially at this rate as this rate is competitive enough by any means.

Go ahead..Good luck..
Warm Regards,

Reply

Given the economy, is there a chance the credit card companies could increase the interest - would there be any drawbacks to having that large a sum on a credit card as opposed to a set loan?

Accepted Answer

Finance

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Question

Have a period of free interest on a timeshare coming due, going to a loan with 14%. What is the best way to finance? If no other possibilities, would it make sense to move it ($21,000) to a credit card with 7.9% interest?

Optional Information

Country/State/Province of question: colorado Already Tried: also, trying to sell the timeshare - asking very low price and at a brand new ski lodge in Breckenridge, but considering the economy....

Answer

Dear XXXXXXXXX, Yes.. it certainly makes sense to move it to the Credit Card at 7.9%. Especially at this rate as this rate is competitive enough by any means. Go ahead..Good luck..Warm Regards,

Reply

Given the economy, is there a chance the credit card companies could increase the interest - would there be any drawbacks to having that large a sum on a credit card as opposed to a set loan?

Accepted Answer

Related Finance Questions

Country/State/Province of question: colorado

Already Tried:
also, trying to sell the timeshare - asking very low price and at a brand new ski lodge in Breckenridge, but considering the economy....

Dear XXXXXXXXX,

Yes.. it certainly makes sense to move it to the Credit Card at 7.9%. Especially at this rate as this rate is competitive enough by any means.

Go ahead..Good luck..
Warm Regards,