My Wells Fargo Christmas Present!
I received a letter today from my bank, Wells Fargo, with some rather good news (for a change)! My SBA loan, with a current $27K balance, is set to mature summer next year. I have been scrambling with what to do with the remaining balance. I had expected that it would be closed and that I would need to either pay it off completely (not going to happen, I don’t have a spare $25 grand lying around, more’s the pity), OR, I would have to shuffle everything around to higher-interest credit cards. I do have two 0% interest rate cards, Discover and US Bank, but the Discover card just expired and the US bank card will expire in summer 2010.
So on to my good news. Because I’ve been “such a good customer”, at the maturation of my loand, WF is going to transfer my SBA loan into a business line of credit with the same credit limit and the same interest rate. WHOOO HOOOO! That’s 5% ya’all! That’s way better than any bank loan or any credit card rate that doesn’t have an intro offer with a 3% balance transfer on it (and a low rate). So all of my planning, prepping and option weighing is for naught! Back to the status quo!
I’m still going to keep an eye (or two) open for 0% credit offers, but I am not racking up new debt and I now have a continuation of a great, low-interest loan to keep myself in good shape during the next 4 years while I pay everything off. And even better, I won’t have to resort to moving $24K (what I expect I’ll have left on it at the maturation point) onto high-interest credit cards with a 12.99% rate (or higher)!!!!
Merry Christmas, WF, and thanks for the present!
DebtMaven 