I've always been a bit leary of switching to interest free balance transfer credit cards.
I hear Dave Ramsey in my head saying 'No! Because it makes you think you did something. And you didn't. The interest is not your problem, the debt is.'
However my free credit report was offering an unbeatable 40 month 0% deal and my credit card has gone down a lot - by the noddle calculation, it would save me £900 and be paid off within the 40 months paying just what I'm paying now.
So I applied - there goes another credit search on my file - and here is where you have to look out - was offered a credit limit well below my balance. Grrr.
If I was the kind of mathematical genius who could see whether I'd be better off with half of it on one and half of it on another, I wouldn't be in this mess. I suspect I wouldn't. So I cancelled the application.
On the upside, I've been helping H look for scholarships. Do you know about the scholarship hub?
With a free account you can locate quite a few bursaries and scholarships students can apply for - lots not attached to any one university or subject. There are plenty of small bursaries with an essay submission for entry.
I went mad and invested £12 for the year - I'll give them both my password so that's 50p a month per daughter! - and with that you find loads more obscure and varied opportunities to try for scholarships. I'm really encouraging them both to make that effort. I know (from Dave again) that in the US it's possible to fund your entire college education with scholarships if your grades are good enough. We may not be there yet, but let's get in on the ground floor.
So a lose and a win today - how is your financial spring clean coming along?
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