What type of credit cards do you have? - Page 3

House loan? Just pay for it in cash.

I dont think I know anyone with THAT many credit cards.....................

not financially smart to have so many credit cards, no matter how well you manage it.

One quick note about CCs, be very careful about those attractive balance transfer offers? I fell in that trap and now find myself in a little bit of a hole. CCs are very addicting. But you need to make sure you manage them everyday and do not miss any payments.

Elaborate on this trap...

It is a massive trap where you don't even know what types of consequences you can face if you're irresponsible. In my case, I got so interested in these "0% balance transfer" offers I was getting from a CC company, I ended up transferring a huge amount of my Auto Loan towards that thinking I will save on interest. Now, in my situation that was a very bad move because finances are tight. In reality, by doing that I just converted long term debt into short term. Basically I have to pay off that amount in a shorter time period because the "0% APR" period is going to expire soon. And you really have to read the interest terms. I am still being charged interest on it because I have to make purchases on it. The 0% only applies in many cases if you don't make further purchases. Now you can definitely use it to your advantage if you plan ahead and set up a payment plan where you will pay it off completely when the offer expires. Just have to be smart about it.

Holy how how much of that car loan did you transfer?


Bottom line, if you are transfering say, 500, maybe 1000, you can pay off this asap no problem within the offer is up, but can you pay off say, 5K? 10K? maybe more?


It make sense if you have a good job paying you big bucks, or you can accord to make full payments but if you are looking to transfering money out in other to get 0% you probably are struggling to pay up and if you are, you really think you can pay off it all within the time they offer you?


http://www.city-data.com/forum/perso...sfer-trap.html