Thursday, November 09, 2006

Robbing Peter to Pay Paul

There's an expression "Robbing Peter to Pay Paul" that we have in the english language. One of my majors in college was Spanish and my favorite part of the language is the fun idioms that there are. Its no different in English. In fact, I think that some of them are even funnier in your native tongue because you can really get all of the implications.

Anyway, I have a loan that I've successfully paid down to about 6500 bucks; it was a student loan from college but it doesn't fall into that nice stafford loan category. So, instead, I am stuck paying on it monthly and there's no tax deduction for the interest being paid. Recently, the interest rate (which is variable - don't ask me why) shot up to 8.5%. That was the final straw for me; I knew that I could get a 0% interest credit card offer and save myself gobs of cash, albeit by taking a small ding on my credit score.

However, after a month or two of contemplating, I finally got an offer from the Credit Card I just paid off; 0% for 6 months. So I bit and now I am saving myself a ton of interest, but I know that I will have to do a balance transfer again since there is no way to get all of that paid off in time, but in the next 6 months or so, I will save myself a few hundred bucks in interest, even with the balance transfer fee. Score!

No comments: