tag:blogger.com,1999:blog-2004547224213674027.post4813940467976147763..comments2023-06-30T06:36:23.405-07:00Comments on Project Debt!: Tilling Up Debt!Anonymoushttp://www.blogger.com/profile/04085010793960231424noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2004547224213674027.post-71549495048878180682012-09-24T04:39:00.043-07:002012-09-24T04:39:00.043-07:00That is a great idea you present! That is so great...That is a great idea you present! That is so great you got to pay off a chunk of debt with Citizens' bank's money. You were definitely being a savvy shopper, always looking for the best deals and loop holes. Hopefully soon you will knock out those Sallie Mae loans. Thank you for reading. Anonymoushttps://www.blogger.com/profile/04085010793960231424noreply@blogger.comtag:blogger.com,1999:blog-2004547224213674027.post-26668625852875429992012-09-22T22:44:58.796-07:002012-09-22T22:44:58.796-07:00Smart move with the Citi card... I did some simil...Smart move with the Citi card... I did some similar moving money around which I was quite proud of... (this is the guy who worked at the car auction btw)<br /><br />I bought my GP in 2010 for 11,450 + tax and a pre-agreed cash fee to the dealer doing me the favor. I finance $10K with an unsecured personal loan through Citizens Bank for a whopping 16%. Got $5K paid down in a little over a year and then I came up with an interesting plan. The bank's credit card sent me regular letters to do a 0% balance transfer for a year which I usually shredded, but one day I called them and discovered they will literally send you a check and put the balance on your card. So I maxed out the Citizens card (4700), and did the same with my Citi for another grand (0% for a year) to pay off the remaining 5K of the 16% loan (and another small unrelated debt) with Citizens' Bank's own money!<br /><br />The downside was my credit dropped 100 points until I got the Citizens balance below $2,000, and 'went back to normal' once it broke $1500. But if you have a higher limit CC make you a balance transfer offer, take half (so you don't kill your credit) and put it against your highest percent debt, and then keep rolling that amount through 0% balance transfers till its paid. Citizens started sending me letters again the month after I finished paying it off, so evidently if you are a good customer they keep wanting your balance transfer business.<br /><br />Fortunately the smaller Sallie Mae loans I have (3400, 2700, 1400) were variable and currently sit at 2.75%. Until the Fed jacks the interest rates, I didn't want to pull that trick on them just yet, and tie up my ace in the hole for zero interest loans.Anonymousnoreply@blogger.com