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Originally Posted by waste gate
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Yep, you might say that. I don't follow the debt trend though. I carry only one CC with debt that I don't plan to ever pay off if I can help it. Its at 1% interest percent from Amex. That is free money in my book. Leaving your money in the bank can make your more money than paying it! Just have to play the game is all and they probably hate me over it since they cancelled the card.
How it works is this - they send you little checks in the mail, and you can transfer other accoutn balances to it at only 1% interest - so you go get the stuff you want, charge it to one card, and then pay it off with those checks via balance transfer. The fine print on it is this though - if you use that particular AMex card, you get locked into 12.99% on that purchase, and all payments towards the card go to the 1% checks only - not the high interest 12.99 and you must pay off your 1% stuff before you can pay off the 12.99% part - this is supposed to make AMex rich this way. So, to win, you just never use the Amex card! You carry what is pretty much a free debt, never get locked into the 12.99 part by using the card, and Amex will get ticked at you and close your card due to inactivity!!! Win win for you!
Sorry about the rant, but I like sticking it to the CC companies instead of them doing it to me. CC's are evil though. Don't ever keep a balance on them unless you like to be poor - unless you run across something like I do above.
-S