Churnman |
Nov 12, 2017 2:14 pm |
Before this ms section existed I was making money using similar method, but that was when I could buy decent % cds. Before Barney Frank ruined my method when he placed regulations on banks (not all good) and now you can no longer easily find cc convenience checks offering 0% fee and 0% interest for 18 mo and so forth. One could use those to make nice deposit, then buy cds at other institutions, save back enough of the initial loan to make monthly payments, get a cd for the rest and everyone would make money. No one lost money doing that including the bank with the promotional offer; they’d get all their funds back and you’d come out ahead when you cash the cd. The gov would get their tax revenue and everyone was happy. Unfortunately, regulations helped kill that by forcing banks to charge more fees instead of letting the market to play out and offers get made. I also did more business with the cc issuer since I appreciated their offers. Maybe now some of the stifling regulations can be rolled back and others improved. I’m not against regulations, but some were excessive and contributed to a slower economy. Right now cds aren’t that great, so not interested in that side of revenue generating. Yes, having a buffer can help facilitate responsible ms, but one most be careful when borrowing. Must only use for absolutely safe return and never count on current available methods being around perpetually.
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