 Quote:
Originally Posted by furpants
Good article, but I do disagree with the quote: "Credit card debt is bad debt."
I would say, "Credit card debt is usually bad debt."
In my case, it's extremely good debt! Yes, I'm one of those who play the 0% arbitrage game. With over a quarter million borrowed at 0% (and plopped in savings earning 5.4%), it's like a second job that pays very, very well.
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I use to play that game but got burned when I misinterpreted the fine print on when the 0% APR offered expired. I earned about $400 in interest but paid $600 in CC interest a late fees on my $20K. That pretty much wiped out last years profits on CC arbitration.
I am still willing to play the game (just need to be more careful) but I am finding that CC companies have wised up. Now days the "0% interest until next fall on balance transfers" offers carry a 3% transaction fee. After taxes there isn't a lot of benefit to paying 3% to borrow money for 10 months and stick in a 5% MM fund.
How are you find a 250K worth of deals out there?
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