Dear Bruce: I would like to know how to find low-interest credit cards where the low rate lasts more than six months. I have excellent credit and know that there have to be some decent deals out there somewhere. I have a very low-interest card at that moment, but that is going to change shortly. I have a balance of around $3,000. I need to find a new card to transfer it to. -R.T., Pennsylvania
Dear R.T.: What you are doing is called cherry-picking, and there's nothing wrong with that. There are offers all over the Internet that you can check into. You have to understand that the reason they are offering you these low interest rates is to get your business. However, they aren't making any money at those rates, and they don't want to keep you at the low interest rate for very long. Just be careful when you do your transfer, since some credit card companies are now charging you a transfer fee. You mentioned that your balance is about $3,000. You might want to put a similar amount of effort into paying off the balance altogether.
Stuck in a declining neighborhood
Dear Bruce: My wife and I have been living in our current house for about 15 years. With the economy and foreclosures, the neighborhood has declined immensely. We are going to be retiring in a few years and are not sure if we should stay. With the decline in the value of the house, our equity is much less than it was three years ago. What should we do with the house? -Reader, via e-mail
Dear Reader: If you're in a declining neighborhood, the time to get out was a couple years ago. If the neighborhood is going downhill, it's in your best interest to get out and relocate. Unfortunately, with the economy and the devaluation of property, this isn't the best time. If it was declining before the economy took a turn for the worse, then it may be difficult for the neighborhood to come back - they seldom do. However, if the decline came because of the state of the economy, there is hope. If you can wait until property values increase and the market is good again, that would be the way to go.
Let found money grow
Dear Bruce: My husband received a settlement of $20,000. We aren't quite sure what to do with this money - invest it or put it in the bank. We are in our 30s, so we would like to just forget about this money and let it grow. -Reader in Arizona
Dear Reader: With the state of the economy at present, banks and certificates of deposit are paying practically nothing. There are some good deals out there in stock market, and, while everything was way down a year ago, the market is coming back. If you have the stomach for it, now would be the time to invest in an aggressive mutual fund. If you're not familiar with the fund market, it's time that you make the effort to learn. Do your research by reading financial magazines such as Money Magazine and Forbes, and the financial sections in newspapers. With the amount of money that you have to invest, you're going to have to do it yourself. And since you work hard for your money, it seems to me that it's worth investing some time and effort into learning the language of investing and the vehicles that are open to you.[[In-content Ad]]
Bruce Williams is a national radio talk-show host and syndicated columnist based in Florida. He can be reached at bruce@brucewilliams.com.
