Making debt work for you.... - NearlyNineThirty.com Stock Market and Financial Forums

DianaR · 06-14-2008, 06:37 PM

Back when we refinanced our home, we slapped a few personal loans into a second mortgage, making the interest on these loans tax deductible, when they hadn't been before.

What maneuvers have you considered to make debt work in your favor, in the long run?

Agent Fred · 06-16-2008, 08:47 AM

In the long run, debt NEVER works in your favor. The trick you mentioned is helpful, but if you had to choose between doing that and having NO DEBT AT ALL, which would you choose?

Raven · 06-22-2008, 01:29 AM

I'd choose to borrow for investment properties. In fact I already have three. they're positively geared, so they cost me nothing to have.

This way someone else is going to work 5 days a week to pay me rent, which I use to pay off my mortgages. Easy.

Mische · 05-10-2009, 06:38 AM

Is it possible to use your crediit cards when paying your debts? Or is it a bad idea?

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C9Consulting · 01-22-2010, 07:53 PM

In making debt work for me, I would spend money on my credit card and pay it off every month. Then I use the money that I haven't spent in my bank accounts and earn short term interest (or return on my investments) to pay for the credit card bill.

For example: You use the return to pay off your credit card bill. In the meantime all of the money you attain from working your regular job just goes into the same bank accounts (therefore earning more ROI for the future. It would also increase my spending limits for my budget as the months go on. Make sense?