Comments on: 5 MORE Ways To Screw Your Credit Card Company http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/ Where personal finance & frugal living are sexy, delicious, and fun. Tue, 07 Feb 2012 19:25:45 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: It's not debt consolidation http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-485748 It's not debt consolidation Wed, 18 Jan 2012 23:08:43 +0000 http://www.squawkfox.com/?p=2566#comment-485748 Great article. I use to work for a humongous bank (but now I help people with debt in the non-profit sector :), and it's always amazing how many people view balance transfers and introductory credit card interest rates as a "debt consolidation" - as though it is a constructive step in the process of getting out of debt. I've never seen one of these people put together a plan to aggressively pay down their debt during the introductory interest rate period. They don't even think of it. Then when you suggest it, they look at you like you just suggested that they jump in the lake. Thanks for addressing this topic. It’s important. Great article. I use to work for a humongous bank (but now I help people with debt in the non-profit sector :) , and it’s always amazing how many people view balance transfers and introductory credit card interest rates as a “debt consolidation” – as though it is a constructive step in the process of getting out of debt. I’ve never seen one of these people put together a plan to aggressively pay down their debt during the introductory interest rate period. They don’t even think of it. Then when you suggest it, they look at you like you just suggested that they jump in the lake.
Thanks for addressing this topic. It’s important.

]]> By: Karen http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-428464 Karen Fri, 23 Dec 2011 13:34:53 +0000 http://www.squawkfox.com/?p=2566#comment-428464 It would be nice if you talked about balance transfers also re mortgaging your home... If the balance transfer fee really isn't cost effective better think again. For instance if you are doing a balance transfer to a 0% card for a specific time, make sure you can pay it of before the dead line our else you can really get caught with heigh nterest. Remortgaging your home can cost quite a bit with the appraisal, the amount you pay the agent or company and then the actual fee can be like $3,000 Yikes! We considered doing it with a company and just checking it out cost us plenty! So no to those deals! It would be nice if you talked about balance transfers also re mortgaging your home… If the balance transfer fee really isn’t cost effective better think again. For instance if you are doing a balance transfer to a 0% card for a specific time, make sure you can pay it of before the dead line our else you can really get caught with heigh nterest.
Remortgaging your home can cost quite a bit with the appraisal, the amount you pay the agent or company and then the actual fee can be like $3,000 Yikes! We considered doing it with a company and just checking it out cost us plenty! So no to those deals!

]]> By: Stephanie http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-44981 Stephanie Thu, 14 Oct 2010 11:52:58 +0000 http://www.squawkfox.com/?p=2566#comment-44981 my credit card has no annual fee, and i get points towards free groceries. so i charge EVERYTHING i can on it, pay it off in full every month, and they give me close to $600 year in free groceries. heckuva deal. my girlfriend has one where they just give her cash back on it, and she pays it off in full every month as well. i don't know if she has a yearly fee, though. my credit card has no annual fee, and i get points towards free groceries. so i charge EVERYTHING i can on it, pay it off in full every month, and they give me close to $600 year in free groceries. heckuva deal.

my girlfriend has one where they just give her cash back on it, and she pays it off in full every month as well. i don’t know if she has a yearly fee, though.

]]> By: Meaghan http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-27160 Meaghan Thu, 14 Jan 2010 00:48:33 +0000 http://www.squawkfox.com/?p=2566#comment-27160 Good advice! I particularly agree with avoiding credit cards with an annual fee. There are so many card options out there that there is no reason to have to pay to use a credit card. Good advice! I particularly agree with avoiding credit cards with an annual fee. There are so many card options out there that there is no reason to have to pay to use a credit card.

]]> By: Allison http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-27155 Allison Wed, 13 Jan 2010 23:01:02 +0000 http://www.squawkfox.com/?p=2566#comment-27155 I think another great way to screw to credit company is to pay it off every month and then use the miles they give to to go to Europe :-) I think another great way to screw to credit company is to pay it off every month and then use the miles they give to to go to Europe :-)

]]> By: Best of December 2009 | Credit Guy http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-26750 Best of December 2009 | Credit Guy Tue, 05 Jan 2010 09:02:38 +0000 http://www.squawkfox.com/?p=2566#comment-26750 [...] 5 MORE Ways to Screw Your Credit Card Company – Squawk Fox [...] [...] 5 MORE Ways to Screw Your Credit Card Company – Squawk Fox [...]

]]> By: » Best of December 2009 http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-26601 » Best of December 2009 Mon, 04 Jan 2010 17:43:23 +0000 http://www.squawkfox.com/?p=2566#comment-26601 [...] [...] [...] [...]

]]> By: Bill http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-26454 Bill Fri, 01 Jan 2010 16:06:03 +0000 http://www.squawkfox.com/?p=2566#comment-26454 I love the 0% offers, or at least I used to love them more. It is an arbitrage opportunity. Take their money interest free, stick it in a savings or high interest bearing checking account up to 5-6%, then make the minimum payment until the year is up, then pay off the card. You must be careful and disciplined, but this is an easy way to make some money. I love the 0% offers, or at least I used to love them more. It is an arbitrage opportunity. Take their money interest free, stick it in a savings or high interest bearing checking account up to 5-6%, then make the minimum payment until the year is up, then pay off the card. You must be careful and disciplined, but this is an easy way to make some money.

]]> By: Michael O'Hairy http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-26323 Michael O'Hairy Wed, 30 Dec 2009 03:35:30 +0000 http://www.squawkfox.com/?p=2566#comment-26323 My Credit Rating was Hooped! I signed for a credit card at Costco, and actually got one. Use it all the time, and am careful...but a pleasant surprise! My Credit Rating was Hooped!
I signed for a credit card at Costco, and actually got one.
Use it all the time, and am careful…but a pleasant surprise!

]]> By: Sioux falls cars http://www.squawkfox.com/2009/12/15/ways-to-screw-credit-card-debt-2/comment-page-1/#comment-26039 Sioux falls cars Tue, 22 Dec 2009 22:04:35 +0000 http://www.squawkfox.com/?p=2566#comment-26039 Even with all this advice and strategies, the credit card companies STILL make tons of money!! Even with all this advice and strategies, the credit card companies STILL make tons of money!!

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