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From: ron@brl-sem.ARPA (Ron Natalie <ron>)
Newsgroups: net.invest,net.consumers
Subject: Re: "No Money Down" (Other People's Money) Scam
Message-ID: <611@brl-sem.ARPA>
Date: Thu, 2-Jan-86 16:53:37 EST
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Posted: Thu Jan  2 16:53:37 1986
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> Step 5.
> 	Refinance the house for 80% of the value and pay off the VISA
> 	cards within 30 days (to avoid the interest payments).
> 
Wrongo!  Every bankcard I've ever seen starts charging interest on
CASH ADVANCES from the date of the advance.  You really are taking
out a 18-21% loan in that case, as opposed to regular charges which
are interest free provided you maintain a zero balance from month to
month.

-Ron