There have been a few dilemmas posted here by people who bought houses with the painted counters, and they were peeling. I have seen some online bloggers who did it who have peeling around the sink - but not all. I think it is at best a short term fix until you can afford new countertops. For a long term solution on a budget, stock laminate is the least expensive countertop (less than $500), followed by special order laminate, though some people have gotten good deals on butcher block and wood counters if you are willing to live with the upkeep. Some granite has gone way down in price too.

Well... That pretty much summed it up for me! Thanks for the tips!