Can Credit Card Debt Save You Money?
Credit Cards are the Ginsu knives of personal finance.
They have evolved from basic debt instruments available to a select few to an essential tool of modern life that can be used for almost anything.
With an increased awareness of the costs of my debt, I found this to be an interesting article suggesting a creative way to use credit cards to save money. The article basically suggests using a balance transfer from a high interest home equity loan using a fixed 3.99% offer from a credit card.
This is the direct opposite of the advice you hear from most debt management professionals. All those “consolidate your credit card debt with a home equity loan” comercials make this counterintuitive. The numbers don’t lie however, and this could be a good way to save money on fees and interest.
Or I could just be trying to make myself feel better about my credit card debt.
