Hi Scott,
I need some very expensive dental surgery and
work. Here's how the numbers look:
In May, I will have two dental implants
installed for a total cost of about $5,130 (that's $5400 minus a 5% "discount"
for paying in full at the time of surgery; alternatively you can pay for the
surgery over 90 days). This will be done by a specialist. I might get a few
hundred dollars from insurance for this, but let's assume not (implants are not
covered, but bone grafting is).
Next January, I will have a bridge installed
for about $3,500 (after insurance). It is possible that for tax reasons, I may
have this work done in this tax year.
Though I can raise the cash, I am concerned
that if I were to become unemployed over the next few years, my cash reserves
would be dangerously low. This is also a scary percentage of my annual take-home
pay (I'm on a moderate income).
I was wondering if you could suggest a
strategy/strategies to fund this $8,500 expenditure over a two-year period
interest free. I have an excellent credit score (800+). I know that during the
process, I can shop for balance transfer offers; however, I'd prefer to find a
card with 0% on purchases for 24 months or do a series of transactions to
perform the equivalent.
My dental surgeon's office has an arrangement
with "Care Credit" whereby (if approved), I pay no interest for 6 months (not
much help). After that, it goes to market (I'm not interested in paying more
than 4% interest). My primary dentist (the one doing the bridge) has no
arrangements with Care Credit or similar cards.
Bob R.
Bob,
I feel your dental pain on this one...I have one
implant and have had quite a few root canals and crowns. I have to say that I LOVE the implant. I
call it my "Bionic Tooth." At least I know that if all the others go, I can hang
the dentures on that one. :)
You should have many financing options because of
your great credit score. I would take advantage of the "Care Credit" for 6
months. Just be sure to pay it off with other financing before it ends.
Use any credit card to charge the remaining
balances when due to get that 5% discount--my dentist gives me the same
discount--that's my only dental insurance! Immediately after that, start
applying for new cards to transfer the balance to before the grace period ends.
You can find a list of my recommended cards at:
http://www.debtsmart.com/cards/
Best,
Scott
