Originally Posted by
particlemn
I would disagree that you purchased a ring you could afford if you did not have the cash to pay for it out right. The credit card companies love people whom carry a balance. even at 0% introductory rate. something will happen and the person will be too busy with somthing at work or something else and the fees will start racking up.
You are certainly entitled to your own opinion, however flawed it may be. If you had the option to shell out $6,000+ in cash, or pay that balance off over time and pay 0% interest while doing so,
I would argue that it makes no sense to pay it off in cash outright. I could take that money and invest it elsewhere and
make money. Yes, if you are irresponsible and forget to pay it off before the 0% period ends, then of course it was a bad decision, especially if you could have afforded to pay it in cash right away. However, I had/have every intention of paying it off before that period is up, and in the meantime my money is working for me. I don't think you should automatically assume that you know my entire situation, and jump to the conclusion that I made an irresponsible decision or that I could not afford to pay for it outright.
Originally Posted by
particlemn
your math in the above caluculation is flawed there is no way to save 500+ on anything with 0% interest rate. only if the rate was negative could you actually save money paying over time.
Here, though, you are completely incorrect. I am currently paying 24% interest, so if my 2 options are to keep paying that or transfer the balance to a card with 0% interest for 15 months, and pay it off in the same amount of time under both of these options, I will save a SIGNIFICANT amount of money under option #2.