Bruce I went to my local bank where I have done business for over 20 years to borrow $10,000.00 to finish off my basement about two years ago. They wanted something like 10% for an unsecured loan and 8% if I put up my truck (which is paid for) as collateral. They pay .3% on my high interest saveings. I could use the saveings as collateral and get the rate down some but then that would tie up that account which is my emergency fund. I told them John Dillinger went to prison for robbery. I used a 0% credit card offer and paid a 4% fee on the cash advance. The net cost of the loan $400 and was paid off in the alloted time.
If I can benefit from using O.P.M. and not put my financial security in jeporady than why not? It was easier and more afforable to make those 12 or so payments than to use my own hard earned cash dollars. I bet that if you used a 0% offer bought a Parker flipped it and paid off the debt a person could make money.....Hmmmmm...there might be something to this
08-10-2011, 09:29 AM
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