will this plan work? (credit cards, loan, debt, payments)

[LBSer]

i plan to pay off the remaining amount of my car loan with an 8.25% apr using 2 of my credit cards. one is american express the blue card(?). i called them and ask if i have to pay EVERYTHING i charge immediately.. and i was told i only have to pay whatever the min. payment is. which is good i know the green amex makes u pay the full amount once you get the bill. i plan to pay the $4500 i will charge to it until 6/09.. where the 0% introductory apr will expire. and also i will charge $2000 from my discover card. as far as i know it is 0% apr.. but will call of course to make sure. those charges are the credit limit on each cards.

i plan to do it.. so i wont be paying the interest anymore monthly from my credit union. is that a good move? i also am not sure if my credit union accepts credit cards.

[golfgod]

What? Are you planning on running for Congress? Getting out of debt is not a game of NUMBERS. It's a game of ATTITUDE. What happens if after this brilliant move you end up with a (even mistaken) late pay on a utility or some other bill? At that point those 0% CCs will go to 25% or so!!!!

Lots of things; late pays, changing your job, moving your residence, taking on other debt, can trigger the big jump! Do you remember that BIG piece of paper, with the REAL TINY print, that your CC mailed you a year or two ago? Don't worry, you DIDN'T READ IT because NONE OF US read it. It spells out the terms and conditions of your agreement with them.

CC companies are SHARKS!!!

You owe $6500 on a car loan. On EVERY car loan I've ever seen the interest is FRONT LOADED. That means you've already paid most of it, check your statement if you have one. Borrowing to pay a loan which is probably 95% PRINCIPLE is foolishness. If you want to get rid of the car loan get a PT job and pay it off. Otherwise don't try this scheme.

golfgod

[LBSer]

oh. gotcha. i just dont wanna pay interest anymore.. i thought my plan will get rid of it. oh well. i play the game with NUMBERS... i dont have the ATTITUDE for it.. maybe you can teach me HOW? to get the attitude u know... i need that. BADLY.

oh ya and i get you with the:

CC companies are SHARKS!!! thing...

i have a chase CC.. my bills are always lees than $100 and i always pay the full amount right away.. the APR has always been 0% i think i am still in the 0% apr months BUT my last bill was $500 coz i charge my full car insurance payment and what did i see? the APR magically becomes 13.99% !!!

well sorry CC companies SHARKS!!! .. I am PAYING THAT BILL in full... suckers!!

[LBSer]

ANOTHER QUESTION:

when you pay your credit card BILL... can you pay using your other credit cards?

or do they want you to pay by your personal check ONLY? in short, do THEY ONLY ACCEPT CHECKS AS PAYMENT?

[HappyTexan]

Ditch the CC's. Pay them all off and only keep one..you don't need that many for any emergencies.

Now that the CC's are clean..double up your payments on the car to get it paid off quicker.

One bit of advice I would offer is to never carry debt on your CC from month to month..always pay in full each month.

[sean98125]

You wouldn't be paying your car off with the AMEX. You'd only be shifting the debt from the loan company to AMEX.

And you need to stop putting things like your car insurance on your credit card. You are on a bad road right now heading right for financial disaster.