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Pay Off Debt at 0% or Beef Up Savings

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After we were able to transfer all of our credit card debt to a new card with a 0% balance transfer offer, my plan was to pay off that debt as quickly as we could. But I realized something.

That debt is at 0% right now. Something that I could do is to use the extra money that I would be paying towards our credit cards and put it in our savings account. That way, the money could earn some interest. Before the end of the 0% balance transfer term (which is a year), I’ll take the money out of the savings and make a large payment to our credit card.

I’m on the fence as to what to do, so I thought I would open up the floor and ask your opinion. If you were in my situation, what would you do and why?

A PF Blogger is Asking for Help, Debt Reduction Getting Recognition and Cheap Ways to Exercise

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Today is Friday, but is sure doesn’t feel like it. My son is home from school today and I’m off work so my internal schedule is majorly confused. Today will be a day of getting our home ready for winter. Now that our mini-heat wave is over, daily temps are in the 30s. It’s time to caulk and put plastic on some windows and try to seal nook and crannies where the cold is getting in our house. It’s also time to finally put away the yard items because before we know it we’ll have three feet of snow in our backyard.

Here are a few articles that caught my eye this week.

First up is Stephanie at Poorer than You. She entered a scholarship competition for bloggers and was selected as a finalist (and she’s the only personal finance blogger in the group). The final winner of the $10,000 scholarship is being determined by popular vote and here’s where Stephanie could use your help. She’s asking others to check out the finalists and cast a vote. You can read about the finalists here and can vote here. If you vote for Stephanie, her full name is Stephanie Collins and her name is near the end of the list. You do not need to register to vote and the actual voting takes less than two seconds.

Peete caught CNBC’s program, a Millionaire Inside, and was able to tape it and then outline what was in the program. It’s a very nice recap of the show.

Lastly, the Digerati Life gives ideas for cheap ways to exercise. I love the second pic in her post. It cracks me up.