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Path: utzoo!watmath!clyde!cbosgd!gatech!dcc1!tas
From: tas@dcc1.UUCP (N. Tasova)
Newsgroups: net.invest,net.consumers
Subject: Re: "No Money Down" (Other People's Money) Scam
Message-ID: <183@dcc1.UUCP>
Date: Mon, 6-Jan-86 15:27:20 EST
Article-I.D.: dcc1.183
Posted: Mon Jan  6 15:27:20 1986
Date-Received: Wed, 8-Jan-86 04:59:03 EST
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Organization: DeKalb Community College, Clarkston GA
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Xref: watmath net.invest:995 net.consumers:3769

> > 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

What about the annual membership fee that the banks charge which ranges
from $10 to $35 a year.  It can be a hefty amount.

 Tas.