$3800.00 in Credit Card Debt (and I love every penny of it)

[gavinmccallister]

I have just recently gotten into $3800.00 in credit card debt, and I am all smiles, it feels GREAT!!!

I just have to pay $64.00 a month while my $3800.00 earns 5.05%

I was hoping to go into $10,000.00 credit card debt but I guess that is a goal that I will have to work toward.

[boefixepa]

ah yes, been there done that. It's a nice way to earn a little extra. Just make sure you watch for when the 0% expires and don't miss it. One month of interest will eat up your profit pretty quick!

[disneysteve]

Also, be sure your payments are on time. If you can, set up automatic payments from your account to avoid the risk of a late payment.

Other than that, enjoy. I've done it as well.

[mbhunter]

I have the means to do that but I'm very, very bad with details. It's a coin flip whether I'd hand back everything I'd gain with a single late payment.

[project15]

Ah yes, I'm just paying off my 0% right now after doing the same thing you did, but with about $6000.

[MonkeyMama]

I just took out $15k which is earning 5.7% (locked in for 8 months or 16 months if I like). I just was lucky and got a good promo rate (CD) from my bank, with possible renewal at that rate, right around the time of the BT. I didn't tie up my BT in a CD (wouldn't recommend it overall), but I did tie up most of the rest of my cash.

The interesting thing is I thought all the cc companies were moving to a 4% repayment schedule. They probably are, but these companies are only asking 2% back per month, for now. An added bonus.

[Hedy]

Also, be sure your payments are on time. If you can, set up automatic payments from your account to avoid the risk of a late payment.

Other than that, enjoy. I've done it as well.

Also, keep an eye on your due dates possibly changing to make sure it's not late.

[DebbieL]

I just did that with $12,500. My monthly payments were ridiculously low (I think around $16). I just paid it off on July 4 (the rate went up on July 5). Free money.

[saving_is_creepy]

I'm a newb so please forgive my ignorance but from what I gather you're in cc debt at 0% ?? And you've taken out a cash advance and placed it into a CD with a locked in rate?

[Ima saver]

I also just did that. I put $5000 on the credit card and have the cash sitting in my money market earning 5.25%

[saving_is_creepy]

sweet! why didn't I think of that?