Question about credit cards

iVillage Member
Registered: 03-26-2003
Question about credit cards
2
Mon, 03-31-2003 - 2:43pm
I am trying to improve my financial life and I constantly have questions!

In the past two months, I sold my house and paid off the mortgage (which I only had for a year)and paid off $15000 of $17000 in credit card debt that had accrued for 10 years. The only way for me to ever pay that credit card debt off was to sell the house. And I recently got divorced so selling the house wasn't a big deal anyway, I lucked out really.

I still have $2000 in credit card debt that I want to get rid of as soon as possible. I vow to never rack it up again. I have my car loan and my student loans. My student loans are in forebearance until the end of this May, so I need to act fast.

My budget is very tight, I watch every penny, but even with the credit card minimums gone, it is still tight. I am trying to put every penny to that last $2000 in credit card debt.

I have $1500 in savings and that's it and I hesitate to use that because I need something in case of emergencies. I might just use $500 of it soon. In the meantime, I am on the lookout for any offers to transfer the balance to a lower interest (right now my interest rates are high - 15-28% on 3 different cards).

Since I had all that debt I wasn't able to apply for any other credit, but now that some has been paid off, and the mortgage, I might start getting a few offers. My goal is that by July 1st, the last of the credit card debt is gone, but I want to keep at least $1000 in my savings account and my car is due for a costly 60,000 service soon.

Anyway, any other suggestions.

I want to pull my credit report soon and look over it. And I was thinking about trying to refinance my car loan. Right now I have $8500 left at 8.5% and another 2.5 years to pay it. My student loans are really going to kick me in the butt. I have $80K in student loans.

Thanks all.

iVillage Member
Registered: 03-20-2003
Mon, 03-31-2003 - 4:25pm
I could not figure out what your questions were. Sounds like you have a good plan and are moving right along. iVillage has a Student Loans board and a Debt Questions and Answers board which might be helpful to you.

cl-12by10

iVillage Member
Registered: 07-26-1999
Mon, 03-31-2003 - 5:03pm
If you have some collateral left--ie, if your car is worth something or you have other valuable items--you might be able to get a plain old loan through ING and use that to consolidate the balances from the three credit cards you have left into one loan with a much lower interest rate. If all you are asking for is $2K you would probably be able to get a loan through ING. I don't know specifically what their website is but it is probably ing.com. I really like them as a company.

I am guessing that was your question-any ways to consolidate the remaining debt?? So my suggestion is the personal loan account through ING. Check it out. They have low rate loans and pay high rates on savings accounts.

I have been reading your posts since long before you sold your house and I wanted to say congratulations on making it this far! You're doing very well!