Image Courtesy: dno1967
Once I paid off the last of my credit card balances, I made a vow to myself to never carry credit card debt again. So far, I've been true to my word.
I still use my credit cards, but only for the rewards. Each month, I payoff the balance in full so I don't have to pay interest.
My rental property needs to have the carpet replaced on the second level. The carpet is the original builders grade carpet from when the house was built in 1998. The previous owners had kids so the carpet was in pretty bad shape when I bought the house. I was going to replace it a few years ago until I decided it was going to be a rental property. I felt that with a good cleaning, the carpet would last a few more years.
My current tenant has been there for 3 years and hasn't really said anything negative about the carpet. I was over at the house this past weekend checking on another issue and noticed the carpet was looking pretty bad.
I went to one of the "big box" stores to get some pricing and get an idea of how much replacing the carpet would cost. The cost was actually a lot less than I thought it would be. The store has an ongoing offer of entire house carpet replacement for only $139. The total cost to remove the old carpet, haul it away and replace with new carpet and paid should be around $1300.
I have the money sitting in a savings account earmarked for rental property repairs. When I got home, I had a coupon in the mail from the same "big box" store for a 12 month "no payment, no interest" promotion. Generally, when I get these, I just trash them because there isn't anything I need to have done to my house.
This time, I'll be taking them up on their offer. I will keep the money in my savings account and just make equal monthly payments instead of totally emptying out the account. I'll make sure the balance is paid in full before the interest starts to kick in and I'll setup automatic payments to make sure I don't miss the due date.
Usually when companies have offers like this, they are hoping that you:
A. miss a payment so they can jack up your interest rate and charge you interest on the full amount you originally charged.
orB. haven't paid off the balance by the time the interest free period is up and they will start charging interest.
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