"Any society that would give up a little liberty to gain a little security will deserve neither and lose both." ~ Benjamin Franklin

Zero is My Favorite Number

>> Saturday, December 08, 2007

Doug and I are working hard to get things paid off in the most sensible fashion and still have money for IRAs and insurance. We make cuts where we can and make sure we pay the smallest interest possible if we have to finance something.

I read a lot of websites that recommend taking out a home equity loan to pay off credit. Which is a fine idea… If you don’t run up the credit again. Unfortunately most people do run that credit right back up.

Where my credit cards are concerned I watch for 0% credit cards offers and 0% balance transfer credit cards. I will often call my current credit card and ask them to match the offer. With the credit card offers that line my mailbox companies are often keen to keep me as a customer.

It is unfortunate that we can no longer live without a credit score and you must borrow to build that score. If you do it wisely even credit cards can be an asset.


Iowa Bob 7:23 PM  


Be real careful with that whole "using home equity to pay off credit card" thing. Sure, home equity loans have a lower APR, but if you pay it off over the course of years, you're playing with fire.

It's okay to move credit card debt to a home equity account, as long as you have a sensible plan on how you are going to pay it off.

cchuff 8:54 AM  

I too am in the process of paying off/down, I have one major credit card that is rarely used and I called the card compabny and slashed my authorized credit in half. Over the years, they had continued to increase my credit limit.

My favorite card is Lowes - zero interest if paid off in 12 months. I have yet to pay them any interest and love to use it for larger home improvement projects.

Recently, I installed the Enery Doctor energy blanket and attic fan, again interest fee if paid off in 2 years. Also included an energy rebate. Thus far, I haven't had the product installed long enough to compare to last winter's usage.

It is just too bad that so many people don't recognize the credit trap and then cry when they get burned.`

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