A couple months ago I posted that our CC debt from our home improvement projects was below the $20,000 mark, a big milestone for us since we've seen lots of unemployment, and quite a few unexpected expenses in those two years (including a $7,000 car when Baby Savvy was born, about $10,000 in home repairs, oh, and Baby Savvy himself!).
We'll, we decided to do something I've wanted to do for awhile. We used 0% money to pay off the second mortgage on the apartment building... $22,000. We have enough in our HELOC to cover it if we need to, and the 7.8% interest rate on a second mortgage for a commercial property was just too high for me to keep much longer (but also low enough that we can't get a better rate anywhere else). So we paid it off with 0% money, with the backup plan of using our HELOC should the 0% offers run dry.
That being said, we are back up around the $40,000 mark for debt we are carrying on our 0% credit cards. $25,000 is backed with our HELOC, the rest we would have to pull out of other reserves (cash or otherwise) to pay if it came down to it. Another option is taking advantage of some of the low (not 0%) interest rate balance transfer for life offers out there... but for now I'm fine with rolling it from 0% to 0% offer.
2 comments:
Since 0% balance transfer cards are hard so come buy these days, would you mind sharing which cards you are using. I have some debt I would like to move. Thanks!
I posted a link to 0% offers just a couple posts below this one.
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