Motivation to buy new bike

[KnottedYet]

Ok, I've really gotta knuckle under if I want to blow a lot of money on the bike of my dreams.

I have to pay off my Visa card!

Yup, others may have the lofty goal of riding 5,000 miles in one year to get them to that new bike; but my goal is to pay off $5,000 of 10% interest debt.

Dang, that's gonna take a while.

Meanwhile, my beloved custom-built gloss black Soma Double Cross with downtube friction shifters and Salsa Poco bars and Soma brake levers and Shimano/Sugino/SRAM drivetrain and Tektro Oryx cantis and handmade wheels, etc etc is waiting for me.

The frame alone costs more than my entire Kona Dew. Shrink, Visa, shrink!

[Kalidurga]

...my goal is to pay off $5,000 of 10% interest debt.

I have two words for you: Balance transfer. If you can, take advantage of those deals that come in the mail offering anywhere from 0-5% on balance transfers from other credit cards (though be sure to read the fine print). I've done that a couple of times in the past few years. Getting a year or so without those finance charges helps a ton.

And, dammit, would you guys stop talking about yer custom bikes!! I just got a new bike earlier this year and all this talk of customs is making me hungry for another one...

[DirtDiva]

Good luck with that Knotted. Definitely look into the balance transfer thing!

[pooks]

Another trick, knotted -- sometimes if you call and tell them you're switching to a lower interest lender, they'll lower theirs (at least temporarily) to keep you.

Also, don't be late on your payment, because most of them have written into the contract that they can raise your interest rate if you do.

Oh, another thing -- check with your bank or credit union. They may let you transfer your balance to them at a lower rate. (Then don't touch the Visa until you get the other paid off, natch!)

[KnottedYet]

Kali - welll, it's not *really* custom, I guess the right word is customized. I haven't done this before, so it's all new to me.

The LBS buys the frame pre-made to a standard size that will fit me. The bike shop buys all the parts I want to put on it, builds the bike, and then sells it to me.

Of course, none of that will happen until I stop spending money and start paying down my debt. Whew!