In an effort to consolidate debt and pay down my card balances more quickly I received two 0% credit cards with 10 months of no interest. That was the good part. Over 10 months, I paid a higher monthly payment with 100% of the money paying down the debt balance. I loved seeing $0 in the “monthly interest” column. However, I fooled myself a few times during those 10 months and bought several items by convincing myself that they were bought at 0% interest. That move would have been okay if I had paid the entire balance off over the 10 months but I did not. The promotional period ended and I was back to paying a monthly interest payment. In an effort to get back on track, I revisited my Sum180 plan and started following the credit card payment plan and have removed all the credit cards from my wallet – hopefully for good. 0% interest can be good. It just takes a lot of restraint and discipline to pay them down fully in the promotional period.
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