It was a credit card balance transfer offer. I used the money to pay down our 9% mortgage. I figured if I had to take out a new loan in a year it’d be worth to save over $2,000. But after a year I had the money to pay off the credit card.
I then received the same offer and it did again. So a third of our mortgage wax paid off through 0% loans.
I looked at the Ramsey “Financial Peace University” outline and knew it’d be a waste of time for me or someone who can manage his finances well.
I thoroughly disagreed with his anti-credit card approach. We’ve earned over $100,000 in credit card travel and other bonuses. And when we had to borrow money for a while we used credit card debt, moving the balances around with balance transfer deals. When it was finally paid off our average interest for an unsecured loan was 2.9%.
Ramsey’s medicine is designed for people that dont have the knowledge and discipline that you have.
Ramsey deals more with people who take out a 0% loan and then can’t pay it back before it balloons. There is an endless supply of these people which is why they offer 0% loans.