When you're in college there are a lot of times when you need money but you find yourself tapped out. Credit card companies know this and so they send you all sorts of mail to sign up for a credit card. It's actually pretty easy to be approved in college so that many kids get credit cards but end up lost in debt several years later due to exaggerated interest rates on these 'easy to get' cards. They approve you easily because they know they can raise the interest so high that they cannot lose!
I had seen several of my brothers and sisters graduate from college and complaining about all the debt they were in. Just seeing them stress out made me want to think twice about it. One of my brothers told me if I ever got a credit card get one with the lowest interest possible, because it's the interest, not the balance, that gets you. He'd say that over and over again ... 'The interest is where they get you bro'. It was only afterwards that I really saw the usefulness of having 0 percent APR credit cards.
When I got to college I found myself in the middle of a dilemma. I wanted a card but I was a bit hesitant to sign up for one. Looking at interest rates all I saw were ridiculous rates. I went online trying to find a low rate and ran into a blog site that talked about 0 percent APR credit cards and how you can get free credit for life. This, of course, grabbed my attention because free was certainly a low interest rate!
I learned a simple trick that enabled me to perpetually keep getting new 0 percent APR credit cards and never had to pay interest! What I did was got one card and used it during the 'honeymoon' period but just before the interest rate kicked in after 12 months I would sign up for another card with 12 months as well, and I transferred my balance over, canceling the first card. This gave me an additional 12 months interest free! When I paid my monthly balance I never accrued interest! This meant that I never paid more than I spent, and I didn't find myself buried in debt like the others.
When I saw them again (they live in different states now but come home for Christmas) I told them about my trick, and their jaws hit the floor! They didn't believe me at first, then I showed them the paperwork. It was then that I realized how I could use this to show them how to hammer their current debt out by parking their balance on 0 percent APR credit cards, by transferring their balance from the card that was charging them an arm and a leg every month, to a card that charged them nothing. They could just do what I'm doing and pay off the balance. If they didn't use the card they were cool. So far I think it's working, I'm not in debt and my siblings are starting to get their heads above water.
I think the best part of this whole thing was being able to help my brothers and sisters with their problem while simultaneously keeping myself out of debt, well the kind of debt they were in anyway.
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