Interest rates too high on Credit Cards?
Sunday, 1. August 2010
I have about 25K in Credit Card debt. I can make the payments with no problem (more than the minimum) but the interest is killer (around 29%). What are my options for lower interest rates. I own my home but havent built any equity yet to get a loan that way.
coueygirl Says:
I would try a credit counseling service like CCCS. I found them to be very helpful with negotiating interest rates with the credits. The good thing is that they take one payment out of your account and distribute it among the different creditors.
Or you can focus on paying off the one with the lesser balance and then take that money you paid on that card and add it to the other payment you make on the next card with the lesser balance and work your way up to paying off all of the credit cards.
Ask M Says:
just keep paying them on time and as equity opens up
on your home, consolidate them.
lesleykieran Says:
get credit card with 0% interest for 9 months when it runs out the interst free (change them again) or see a finacial advisor
bryan l Says:
go see a credit union and consolidate, they will give you a 25k loan, close your cc accounts cut up your cards etc. typically you will by 9-11 percent and be set up on a monthly payment plan "installment" DO NOT DO A CREDIT CONSOLE SERVICE, IF YOU DO KISS YOUR CREDIT SCORE GOOD BYE,