Anyone struggling with credit card debt...

[UdoKier]

If your account is in good standing, not over the limit and payments made on time, please make a point of calling your card company and asking them to reduce your APR. Often they will. If you have more than one card with a large balance, call the company with the lower APR and ask them to increase your credit limit, then transfer as much of the higher-rate balance as you can to the lower-rate card. You can save a significant amount of interest. Even though your minimums will be lower, keep paying at least what you did before and you will find your balances shrinking faster.

If you're already aware of all this stuff, great, but I know there are a lot of people out there paying more interest than they have to.

I just got Wells Fargo Visa to lower my rate from 7.9 to 5.9% for the next year. They also gave me an extra $1500 on my credit limit, so I transferred the balance from a card that has a 14.9% APR. I also asked B of A Visa (7.9%) to increase my limit, and they gave me another $1500, so I transferred the remainder of the high-rate balance.

There is no better investment than paying off credit card debt. Good Luck!

[nolabels]

1. Keep away from them credit cards

In a week or two I will be paying all them nasty traps off. The wife and I are getting a refi on the home(15yr). I used them cards to build my credit score back up after some difficulties (I later found I could do it other ways). We both now have a good income and owe very little on the home so it will be a pleasure to tell them card companies all to shove them 24% to 16% rates up their arse.

Paying double and quadruple for stuff just isn't smart





The Language Reduction Bill of '03

In order to compete on the global marketplace, our nation must be as efficient as possible. This extends to every aspect of our lives, including (but not limited to) the way we speak. And since anybody who thinks the global marketplace is not important must be a crackhead, you can either agree with me or hit the glass pipe again, asshole.

In the interest of efficiency, I, Les Schwab, have turned my attention to the language we speak. You know, there are just too many synonyms! Example: why say "candor," "probity," or "rectitude" when you can just say "cool?" They mean basically the same thing.

And why say "fractulatious," "botherationist," or "incessifictious" when you can just say "uncool?"

http://www.sinkingboat.org/schwab/index.shtml?language_reduction

[UdoKier]

2. That's nice if you HAVE a house

Almost half of Americans don't own their home. It's great if you can move the debt into a lower consolidation. For those who can't, just keep in mind that the card companies can be more flexible than you may think.

And I agree with the wisdom of staying away from the cards. I've got years to go paying them down...

[progressivebydesign]

4. We did the same thing this week.

We put a very high down payment on our house last year, then financial disaster visited us. We managed to stay afloat all year.. and have now taken some equity from the house to pay off the debt we wracked up this year. We're going for the lean and mean option of living now... next year, we'll downsize the house and get even leaner. This new economy absolutely demands that you stay light on your feet, and out of debt, if possible. You never know what to expect.

I read Rich Dad, Poor Dad recently, and it really opened my eyes about everything. Even if someone does not decide to invest money, the lessons of that book are priceless. It will change how you feel about buying things, and buying a house. While I admit it is good to have equity in a home, the author of those books makes you realize that a house is actually a liability usually. Wild stuff.

[OneTwentyoNine]

3. 5.9%? Damn I get offers for 0-1.9% on a daily basis...

Just got one two days ago from Bank One. Zero% interest on purchases and transfers until Sept 05. I've paid little or no interest for several years now. If I have a large balance I just do a transfer to a different card company. And then...the card that just raised my rate sends me a zero % offer a few weeks later.

I don't know if it will work for you but go to www.sendmethecard.com and see if you can get the same deal. 5.9 sound pretty high to me given that regular savings accounts are only pulling down 3/4-1.0% interest.

David

[UdoKier]

5. Yes. I've done some of that too.

And I think most people are aware of the transfer options. Not everyone knows you can often get your bank to lower your existing APR.

For example, if you can'rt qualify for a new card to transfer balances to, you can still ask them to lower your rate...