Anyone struggling with credit card debt...

[UdoKier]

(I also posted this in GD, but I just want as many people it applies to to read it.)

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!

[NJCher]

1. thanks for the reminder

Been meaning to do this. Not much of a debt but every little bit counts!

Cher

[OneBlueSky]

2. or you can play credit card roullette . . .

I have purposely applied for an gotten many more cards than I actually use . . . I do carry some balances, but the unused cards are forever sending me great offers to transfer my balances, which I do regularly . . . I think the highest rate I'm paying right now is 3.9% . . . I have two balances that are being carried at 0% for twelve months . . . can't do better than that . . .

[UdoKier]

3. Good point.

I'm paranoid about getting more cards. Afraid it will hurt my credit rating if I'm turned down, afraid I might use them to spend if approved!

[NJCher]

4. 0 balance 12 months!

I am truly impressed!!

I heard about a book a guy wrote. It was about paying careful attention to these credit card offers. He said he made $35,000 a year by manipulating them around.

Wish I could remember the title.

I got one yesterday that offered credits toward my mortgage payment. I read the material carefully and it sounded like an OK deal--trouble is it was with MBNA and I believe that's Mellon-Scaife, right?

No business from here will go his way.


Cher

[UdoKier]

5. Cher.

I've always wondered - what on earth IS that image above your name? A microphone on a boom?

[SoCalDem]

6. That's what I though for a long time.. But it's a kitty..see the whiskers?

:)