Monday, September 29, 2008

Balance Transfer

It wasn’t too many years ago when credit card companies started offering sweet deals like no interest for a year to transfer the debts from other credit cards to theirs. No doubt the idea crossed my mind that I could possibly make it for a good many months by simply shifting my debt from one credit card to another without ever making a payment on any. While I never actually tried it, I’m sure there are more than a few that did. If our country is already in debt to the tune of nine trillion dollars (that’s 9,000,000,000,000.00, which is more than can be entered into a standard calculator screen) and has not lived within in it’s national budget more than1 year in the last 30, then what the heck is a 700 billion dollar bailout than some kind of mega balance transfer. If it wouldn’t work for you and I, why do we expect that it might work for a national economy?

3 comments:

Anonymous said...

Could that be one reason the bill was not passed in the house? It all seems like a roll of the dice regardless of the decision.

Anonymous said...

If we ran our home finance, the same way the Gubment and many Corprations do, We would be in Jail in short order!

curia_regis said...

A few years ago, I actually did the debt shifting thing, and it did buy me precious months of not accruing interest...definitely a move of desperation.