[jmacdaddio]

I opened my mail, and the nice manager from American Express was pleased to tell me that I now have a credit line of $13,000, increased 10 grand from $3,000. I'm carrying approximately $2,500 at 0% until January 2007, which I took advantage of because I wanted to build up my cash reserves. I can pay it back in a month or two, and maintain my reserves in the bank.

I'm tempted to take my newfound "wealth" and go nuts, buying new furniture, LCD HDTV, and a home theater system. Why not? In a few years I might wish I had done so.

I'm resisting so far ... there was a line in Super Size Me when they ask how anyone could remain thin in a toxic food environment .... how can anyone remain debt free with temptations arriving every day in the mailbox?

It's almost as if someone is deliberately trying to lure the last remaining cheapskates into debt slavery.

[aflatoxin]

Why would you go out and buy "stuff"?


I would go out and buy "money"

Go get yourself an ingot of gold. Trust me, your friends will be impressed with your paperweight. Chances are you will be able to pay off your credit card bill with a few scrapings off said brick. Let the bank end up holding the bag.

Chances are you will never miss the plastic crap that will end up in the dump in a few years. You will never, never toss a pound of gold in the trash.

[kerosene]

don't be stupid.

I strongly agree with previous poster. What is the point of cash reserve if it is debt?

And for gods sake don't be stupid enough to buy toys with that money. If the situation goes bad I believe that it is quite nice to walk debt free and say I told you so... Lets say with interest rates of 20+ %

Have little patience and spen wisely - I just bought a used dual sport motorcycle for $1900 - save you 2 months and a motorcycle. More fun than any TV. And its the only way of getting from big city in case of bad bad stuff. (not the reason I bought it though)

They will come after your debt - If situation goes bad enough that they won't I doubt there is much playing in your fancy TV either.

h

[some_guy282]

I get offers like this all the time. $10,000 at 0%. $15,000 at 0%. For 15 months! This whole buying gold on credit thing came up in a recent thread, and it was suggested to simply take out a bank loan because the credit card companies can simply change your interest rate on a whim?

[linlithgowoil]

thing is, youll likely borrow the cash and then the interest rate will be jacked up at some point with no notice and then youll be screwed.

dont do it, and certainly not just to buy frivolous items that will be a fading memory in a few years. remember, a high tech lcd massive tv still shows the same old crappy programs as a £30 second hand 14" crappy eastern european knock off set.

im in a lot of debt, mostly due to having to go to university for 5 years followed by 2 years of low paid training. i also bought a few frivoulous crappy things, but no more!

my debt free plan is in full swing, but i definetly will not be out of debt until 2010, which is a bit depressing, but its not a lot of time really. hopefully things wont be too bad by then.

[Falconoffury]

My mailbox is stuffed with credit card offers. I just don't see the appeal of debt. I want to be on the plus side, not the minus side of wealth.

[TommyJefferson]

$this->bbcode_second_pass_quote('kerosene', 'I') just bought a used dual sport motorcycle for $1900

[AmericanEmpire]

$this->bbcode_second_pass_quote('', 'I') want to be on the plus side, not the minus side of wealth.

[thuja]

Crazy gamble to invest it in pms- because you'd have to

1- hope the pms went up in price within a year during a volatile commodities market. (This is atually a pretty good bet though)

2- hope your interest rates wouldn't go up in the time you were waiting for pms to rise.

3- sell off most of the pms to pay back said loan, only keeping a very small portion of hoped for profit.

This is the kind of thing traders do though, just on a grander scale. They buy big and sell when they've made enough profit in a short period of time. Hedging is for the brave, stupid and foolhardy. But hey, I've been known to be all three of those things so I'm not against the idea. Might be kind of fun watching the market ticker while your heart leaps into your mouth.

[JoeW]

$this->bbcode_second_pass_quote('TommyJefferson', '')$this->bbcode_second_pass_quote('kerosene', 'I') just bought a used dual sport motorcycle for $1900

[lateStarter]

Jm,

Ring it up, and get a few more while you are at it. When TSHTF maybe you can try to claim: Liability may be excused by force majeur - like all the big boys do... I am still on the fence about this. I have been steadily paying off all CC debt, but recently slowed down the repayment rate.

Honestly, if I thought we were heading for the crapper tomorrow, I would seriously think about cranking all the cards to the max and buying useful stuff that might not be available tomorrow. If we get into major die-off, I don't think anybody will be calling (no phone) or walking 40km to find out why I missed my last payment.

In fact, I seriously doubt the ability of most financial companies to maintain accurate records once their access to reliable electrical power occurs. Think about it... I am!

[pip]

I got a similar offer from Citibank, 0% thru 4/07. I took $9000 and invested in energy stocks. $9000 is what I try to invest per year so I'll pay back the credit card through the year. Not much risk as long as I save as planned.

[JBinKC]

Are there any additional fees attached with this 0%? If not treasury bills are yielding close to 4 1/2 percent now. It sure would be nice if I could get a million dollars worth of these 0% deals I could easily live off the interest.

[csimba]

I agree with Latestarter. You might want to buy a piece of dirt now with some legit money- in someone you trust's name on the title. A Redoubt when TSHTF. Shopping spree of 30k on a bunch of credit cards you have no intention of ever paying back buys a lot of shovels, tarps,nails, handsaws, etc.
There are two main questions about the collapse- how far and how fast.
Maybe a nice steady slide to an 1880's life style or to the stone age by Tuesday. I don't want to bet my life and future on an orderly contraction. If I base my existence on a relatively modern level of technology I'll be fucked if we really go down the tubes. On the other hand if I'm geared for Moogbah the Rock Weilder and have over reacted I can say "cool, a shovel".