how about all these cash advance places you see' where theyll give you a "payday afvance loan" of 20to30% and all you need is to give them the title of yr car. such predatory practices. and they must do tons of business because they are all over.
im still working on getting rid of my credit cards, but they are all 0%-but most people with bad credit aren't probably gonna get those offers(or if you do, it won't be enough credit to transfer all your balance) you have to try and take advantage of the system when you can😎
it's obviously really hard to dig yourself out of a hole when you have a ripoff apr to begin with
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When I was still heavily indebted, I used to do the zero percent thing on credit cards too. I figured, I'm on the verge of bankruptcy anyway, might as well try to use this to my advantage. I would take the 0% offers with the longest term, usually 18 months. Then I would put all of my card debt on said card and take the 3% hit (less than 2% APR), then pay only the minimum for that term. Any extra income I had would go in my brokerage account and I gambled in the stock market with it. Then once I grew my portfolio to the size of the credit card balance, I waited until the end of the term and balloon paid it off.
Before I got into stocks, you could actually get a high yield savings account (pre-2008), and the bank actually paid a higher interest rate than the 2% I was paying on the 0% intro rate card. At one point I was making 5.5% on my savings account, and the banks were effectively paying me 3.5% APY to loan me the money. The FED killed that one when they dropped the funds rate to near zero though. I made a lot more in stocks anyway.
Long story short, if you have the knowledge, you can make the banking system pay you to use it, even if you're deep into credit card debt. It's harder to do now than it used to be, but it's still possible. You just need to do your due diligence and be very good about making payments on time and not overdrafting. Either of those they use to justify jacking up your rates. Also, you need to pay off those 0% cards before the end of the term. Many of them retroactively apply interest to the balance once you get to the end of the term.
Oh my God. Those Pay Day Loans are always in poor neighborhoods. They charge 30% interest. They should be illegal or better regulated.
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