Interest Free Ride

 


Visitors: 204

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
cooltreetech@verizon.net
www.EZAS123SOLUTIONS.NET

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

(316)

Article Source:


 
Rate this Article: 
 
Free Reprint Articles That Will Interest Publishers - 4 Tips
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

The Free Ride In Public Schools

by: Joel Turtel (July 09, 2005) 
(Home and Family/Parenting)

Free Online Debt Consolidation Quote - Getting Free Information About Interest ..

by: Apurva Shree (June 13, 2007) 
(Finance)

There Is No Such Thing As A Free Ride In Internet Marketing

by: Sean Mize (May 23, 2008) 
(Internet and Businesses Online/Internet Marketing)

The Grand Canyon Mule Experience - The Ride of Their Life - (Part 1 - The Day ..

by: Danny Smith (December 04, 2005) 
(Travel and Leisure/Outdoors)

Road Trip With Pets - Five Tips For A Stress Free Ride

by: Beth Williams (June 02, 2007) 
(Pets)

Century Ride Training - Where to Start If You Want to Ride 100 Miles

by: James Wannop (December 15, 2008) 
(Recreation and Sports/Cycling)

What Are Interest Free Credit Cards

by: Joseph Kenny (October 17, 2005) 
(Finance/Credit)

Get Interest Free Cash With 0% Balance Transfers

by: Joseph Kenny (September 25, 2006) 
(Finance)

Watch TV Series Online Free Ride the Wave, the TV Wave

by: Roger E. Davis (July 03, 2008) 
(Computers and Technology/Software)

Free Reprint Articles That Will Interest Publishers - 4 Tips

by: Glenn Prialde (April 14, 2005) 
(Writing and Speaking/Writing Articles)