Best ways to save money $

cooltoy · 06-14-2016, 04:04 PM

Take advantage of 0% interest for a year credit card offers. Transfer some of the debt there to lower interest paid. Then cancel the credit card in a year.

If you have equity in a house, get a secured line of credit using house as security. This way you get lower interest. Use the credit line to pay off portions of the house and increase the limit every year as the equity increases. Eventually transferring all of the mortgage to the credit line. Credit lines are not front loaded for interest like mortgages, so you pay off your house sooner with less interest paid.

PS. This thread will get moved, as this is not Z related. :-)

Chuck33079 · 06-15-2016, 08:41 AM

Quote:

Originally Posted by Desert Rat

Save and pay cash.

No car payments ever again.

Not necessarily. If your interest rate is less than what you would get by investing the lump sum into something conservative, use the dealer's money.

Quote:

Originally Posted by cooltoy

Take advantage of 0% interest for a year credit card offers. Transfer some of the debt there to lower interest paid. Then cancel the credit card in a year.

You might be better served by keeping the card open and using it responsibly. Closing the card can ding your credit, especially if you've had it for a while.

MagmaRed370z · 06-15-2016, 03:16 PM

Quote:

Originally Posted by Chuck33079

You might be better served by keeping the card open and using it responsibly. Closing the card can ding your credit, especially if you've had it for a while.

This is true.

06-14-2016, 04:04 PM	#1 (permalink)
cooltoy Elite Member Join Date: Jun 2012 Location: Calgary Posts: 14,009 Drives: 14 PW 370Z S/T MT Rep Power: 243725	Take advantage of 0% interest for a year credit card offers. Transfer some of the debt there to lower interest paid. Then cancel the credit card in a year. If you have equity in a house, get a secured line of credit using house as security. This way you get lower interest. Use the credit line to pay off portions of the house and increase the limit every year as the equity increases. Eventually transferring all of the mortgage to the credit line. Credit lines are not front loaded for interest like mortgages, so you pay off your house sooner with less interest paid. PS. This thread will get moved, as this is not Z related. :-) MagmaRed370z and old guy like this. __________________ Member of kenchan's "photoshopped mods" and "proper offsets" gang.

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