cashback wrote:The beginning post is the day before tax day and OP was talking about signing up for a CC bc he didn't have the funds available. It was obvious, at least to me, that he wouldnt be paying by the next day, which is why I offered my suggestion.
And our priorities are definitely different. If you like paying the government 7% more than you have to, then be my guest.
Also, I wasn't the one coming on here telling you how your suggestion wouldn't work. (when it actually would)
I didn't mean to start a fight here. I respect Cashback's cleverness in his approach to this problem...it's just that I personally think it's a lot of trouble (maybe I'm wrong, that's just the impression). But I'm pretty impressed that it's possible in the first place. But in the end it still wouldn't help me. Cashback's method is dependent on the fact that you actually have the cash lying around to pay Uncle Sam, so who not go through some hoops to keep some of it for yourself. In this case, I don't really have this budgeted (since not having a refund was a big surprise to me and my wife (I've had a refund 20 years running).
Parking the debt on a long term 0% card seemed to be a good idea since I had the offer in hand anyway. It was either that or a payment plan to the IRS (I lose control of how fast and when I want to pay the money) or write a check from the line of credit at our credit union (14% interest...I'm going to try to get that number down). I can deal with the credit card fee for the luxury of having this out of sight/mind for awhile. (though it will adversely affect my credit utilization and my scores may dip a little)
If my wife's business takes off like we hope, we should have the debt paid well before it's time to think about an 11.99% interest rate.