A client has asked for advice on how to handle his credit card debt. He has $15,000 on a Visa card at 19.5% interest and another $15,000 on an American Express card at 23% interest. Both cards are just about at the limit of his available credit (high carrying balance). He wants to pay them off in three years. His current income is approximately $65,000 and his credit score is 721.

You are to research credit card offers for balance transfers in order to provide two options for the client to review. You should consider the following items in your research:

1. Introductory offer interest rate
2. Duration of introductory interest rate
3. Interest rate on additional purchases
4. How much would he save by making the transfer (you need to first create an amortization schedule for the current cards, then re-run the table with the expected new interest rate).

SUBMIT:

1. In WORD: List of offers you considered (no less than five) and explain why you choose the two you did
2. In EXCEL the amortization tables using the simple loan calculator we used in class showing the current cards and the recommended cards