The Finch Formerly Known As Gold

28 May 2006

From the Screwing for Chastity Department

The letter opens:

Call 1-888-[redacted] and be on your way to becoming debt-free!

And how do I do this? Why, by borrowing a ton of money, of course.

The terms aren't particularly arduous, although they're careful to quote only the numbers for those folks who qualify for 7.49% APR. (At least it's a fixed rate, assuming you keep your nose clean.) Still, based on their table, and presuming that they'd grant me this rate, which is not impossible inasmuch as they don't charge me much more than that for a MasterCard, borrowing, say, 30k would cost me somewhere around $480 a month, which is more than my mortgage payment (P&I, anyway), and there's a transaction fee of 3%, which is nine hundred bucks, which technically doesn't figure into the APR.

All that and it would still take seven years to pay it off.

Posted at 7:00 PM to Common Cents


I find most claims from the home refinance industry to be odious. Particularly the ones that tell you that you can consolidate debt to their mortgage and then will have all that extra credit to use on ongoing expenses....like paying for gas, etc. Hardly sound financial advice of any sort.

Posted by: Brian J. at 7:43 PM on 28 May 2006

Actually, this isn't technically a re-fi or second mortgage — they're not asking for any collateral at all — but your point stands as made. I may put in an inquiry just to see what sort of actual offer, as distinguished from the canned package, they're willing to make, but I don't at all see this as an answer to my financial prayers or anything.

Posted by: CGHill at 8:07 PM on 28 May 2006