Finding Freedom

How quickly can a fool find his money again?

I currently have a whole bunch of debt. Hmm...I wonder how much I could get for my kidneys?
You can email me at steven.jericho@gmail.com
Friday, May 19, 2006
Balance Transfer
I was just approved for a credit card with an APR for balance transfers that is substantially lower than the APR that I have on the Chase credit card. Needless to say, when I receive the card in the mail, one of my first items of business will be to get that money off of the Chase card. By doing so, I will be saving 11% in interest per year.

With the current balance, that's a hundred and forty or so bucks a year that I won't have to pay in interest. WOO-HOO!

The trick for the Chase card will then be resisting the temptation to spend the, now free, money. I will likely cut it up or hide it someplace so that I will not be as likely to use it anymore.

I could cancel it, but from what I understand, that would give a serious ding to my credit rating, and as it is currently **insert raspberry noise here**, I think that it's probably a wiser choice to keep it active and to just not use it.
posted by shamedsteven @ 10:16 AM  
2 Comments:
  • At 9:05 AM, Anonymous Anonymous said…

    My mother works for a bank as a loan officer, she told me never to cancel my credit cards because it looks really bad on your report, the best thing you can do is leave with a zero balance.

     
  • At 10:29 AM, Blogger shamedsteven said…

    Great! Thanks for the tip.

    I thought that I had read that it was bad for your credit to cancel them, but it is always to get information from somebody who has first hand experience.

     
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Name: Steven shamedsteven
Home: San Diego
About Me: Well, boys and girls, I, like a whole bunch of other people, made a series of "conscious, deliberate mistakes" and have ended up with a buttload of debt. What is chronicled here are some musings about the journey out.
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