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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Payment Holiday Date:  4/27/1998  9:00 PM
Author:  CassFool Number:  1281 of 312137

While normally I agree with you Fools, keep in mind that the 'payment holiday' you're referring to can also work FOR YOU (yes, you read that right) *IF* you are paying off a credit card with a higher interest rate. Then you can take the payment you would have normally applied to the card that is giving you the 'holiday' and apply it to the higher rate card. You're paying off the higher rate card that much faster.

Granted if you're normally only sending the minimum balance due to the 'holiday' card, the savings you gain by taking the holiday and sending it to the higher rate card may be only pennies, but when you're counting on every one of them for the long term, it can make a difference.

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