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Cut your rates in half!!


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My apologies if someone has posted something similar to this, but I had to share on this forum. I have known about this method for many years but as always you don’t know until you’ve tried it or as in my case, you get complacent (truth is I did not have the cash :shock:).

Anyway, this would work if you have some spare cash and if like me you are wondering if you should pay off your debt or invest your money. The first thing you need to do is pile up some cash – in this case $2000 – and buy a CD or Share Certificate from your bank or credit union (I am with www.creditunion1.org) – the rate I got was 4.60%. I called back the next day and asked to do a secured loan on my share certificate. It was arranged in under 10 minutes and I was able to get the loan at 7.6%. Someone out there is probably wondering that the rate is still too high but my credit card interest rate was 14.9%! With this I have successfully halved the rate on my credit card and if you do the math, you will find that I am also getting 4.6% on the Share Certificates, so technically; I am only paying 3% on the debt!! Plus, this gets reported to the credit reporting agency!!!

As I was reminded in my last post, everyone’s circumstances are different and this may not work for some, especially those with little cash to spare but I thought I’d share this anyway. With this method I still get my lump sum at the end of the loan and can pay off my credit card debt much quicker.

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