So here's the deal...this is what I've been up to.

I had a lot of credit cards with Chase w/o any balances on them. Back in May I decided to consolidate a couple by transfering the credit lines to one card and then closing the other one out. I was able to do that and ended up with a card with a $25,100.00 credit line. I called up Chase and asked them what they could offer me in regards to convenience checks. They told me they could give me 0% for 6 months or 3.82% fixed until the balance was paid off. I smiled and went ahead and asked Chase to EFT $25,000.00 into my checking account at the fixed 3.82% rate (I was also charged $99 for the transaction).

I transferred the money into my Tradeking account and bought 1500 shares of Marvell at $17.35 on 5/4/2007. I sold some 17.50 calls and ended up getting assigned on 7/20/2007 because the stock had run up so much and I didn't want to buy back my calls and take a hit. I then repurchased Marvell at $19.45 (1400 shares) on the same day.

As of today Marvell is sitting at $16.70ish but I don't care because all I'm worried about is producing enough income every month in order to be able to pay at least $500 a month on the Chase card. The October minimum payment was $463.00.

Since I started this strategy I have realized gains of $4,348.23. The balance on my Chase card through October is $22,659.44.I have not used any of my own money so far.

I opened a position in Garmin (GRMN) today for 200 shares at $103.45 by borrowing against my Marvell stock. I am looking to ride a run up to $110 as earnings get closer (announced at end of month).

This is all working beautifully and I am very excited about the future.

Wow. That's a pretty creative plan to pay off your credit cards. And it's working! That's what matters. Good job. I wish you all the best of luck in tackling that cc debt.

Thanks Tumana for the kind words!

Thanks for the kind words Tumana!

Thanks for the support Tumana!