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A Personal Loan to Play Credit Card Balance Transfer Game

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A few months ago, Credit Card #1 decided to raise the interest rate on me again. I was so flustered that I soon was on a mission to get that debt off of that card.

I actually went into two banks and discussed the possiblity of getting a personal loan to pay the credit card so then I can turn around and transfer the loan balance right back to the credit card (to take advantage of their 0% interest balance transfer offer).

I had all of my papers with me, including the offer from the credit card stating the end date to accept the balance transfer offer.

It didn’t take long for them to say “No.”

I briefly then considered finding a loan shark, but decided against that choice. I guess I will get rid of Credit Card #1 the old fashioned way.

Technorati Tags: balance+transfer, personal+loan, interest+rate

Is There Such a Thing As Good Debt?

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Alot of the time, even I think debt is all bad and it should be avoided at all costs. But, there are some types of good debt out there.

A few examples of good debt are:

  • Mortgage – the debt incurrered when purchasing a home is usually paid back over may years. You also have something of value that could pay off the debt immediately if needed.
  • Student Loans – you may regret ever taking out a student loan while in college, but the higher earning potential that you have should make the loans worth their trouble. The rates for Student Loans are also much lower than traditional personal loans.

With any loan that you must make, the best thing to do is to only take out a loan for as much as you need. Put down as high of a down-payment as you possibly can.

Technorati Tags: mortgage, student+loans, good+debt, bad+debt