Original Message:
Re: I just got scamed into buying two timeshares from developers? Help??????? (by Mike N.):
nathanc26 wrote:As of right now 80% of the loan is in a 0% introductory rate/15 months credit card from Bank of America, which is due to expire feb. 2010. I think i should be able to pay it all off by then.
If you are paying off the 0% card in 15 equal payments, then you should look into opening one of those online bank accounts (ING, Capital One, etc) which pay 2%-3% interest. Then pay only the monthly minimum on the CC while setting aside the extra $$.
When the 0% promo is nearing it's end, you might be able to find a new 0% promo and transfer the B of A balance to a new CC (if you are not charged a large fee for this privilege). I did this for a few years while paying off some of my daughter’s college tuition.
There are pitfalls, especially forgetting to pay the minimum or forgetting to pay the balance at the end of the promotion.
Of course, my credit report is probably 3 inches thick, but even in today's "crisis", I was never turned down.