Interest Free Ride


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Over the past several years, as home values have increased, so have the equity lines of credit attached to them. These lines of credit, which boasted, interests rates as low as 5 percent, are now edging toward 8 percent, making repayment of these loans a pricey proposition. However, even in this environment of escalating interest rates there are credit cards offering 12 month zero percent introductory rates At this point it may be financially prudent to move some of this equity debt onto one of these credit cards. A move such as this could save you about $1,600 on a loan of $20,000. But there are some red flags.

To begin with, issuers of these credit cards can’t assure you of the amount of a credit line until after you apply for the card, so I would recommend that you apply for several and see which one grants you the highest limit. After deciding on which offer you choose accept, disregard or cancel the others before activating them. Submitting applications at once should limit damage to your credit rating.

At this point you would move the desired portion of equity debt you wish to be interest free for the next year, with in your credit limit of course, to your new credit card. It is highly recommended that you make no other charges on this card. Lastly, be aware of the time when you transferred the debt, and be sure to pay it off within the allotted 12-month period, avoiding any possible penalties, even if you to place the remaining debt right back onto your home equity line of credit.

Now sit back and enjoy the next year, interest free of course!!

-Edward Garvin

Edward Garvin
15 years of experience in finance & collections
Credit Repair Specialist


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