Transfering Debt

Well, I have done it. As, I eluded to in a previous post, I have moved the Fingerhut debt. Sort of anyway. It won't actually be transfered until June 27. Here is what i did. I got myself a new credit card, specifically to transfer this debt to.

In return I get:

• 1-year of 0% interest (through my July statement date)
  
• a one time 3% transfer fee (translates into less then $33)
• If I should default, or make at least the minimum by the the due dates, or a payment bounces, etc etc, the crooks will increase their APR to a maximum of the Prime rate plus 23.99% (example: with the current, June 2008, prime rate that would be 28.99%)
• Current APR on charges would be 19.74%
  

Of course, I am not going to use the card. In fact, I am dropping it today, into my safety deposit box. I also plan, as I did before, to get the debt paid off by the end of the year. The difference, is now, I won't have the interest on the debt, nor will I have any late penalties, etc. I anticipate having this debt paid off by November at the latest.
---
go ahead share your thoughts with me now.

Get Paid to Sign Up, Refer Others, Read E-Mail, Complete Offers, and More!