I'm new and really need advice
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I'm new and really need advice
| Fri, 09-24-2004 - 7:51pm |
Hi I'm Becky. We have a major situation. MAJOR CREDIT CARD DEBT! I have outlined a plan to pay off these cards over the next year. I was wondering something though and hope I can find the answer here. We have 6 credit card bills. Two we are just paying off and then plan to close the accounts. Don't even have the cards anymore. That leaves me having one credit card and dh having 3. One of his credit cards he just got recently (applied for behind my back cause he knew I would say no) and its a Capitol One. It has a pretty low interest rate but don't know if it was just an introductory rate or if this is a good credit card. His one credit card that I call the devil is 30% interest and I want to transfer that balance onto his Capitol One card and just cancel that cards account. Is this a good idea? I really want to cut back on our cards but all of them have a balance and 4 of them are maxed. I'm so good with money and my dh is the exact opposite so you can imagine out financial arguments. Any advice is appreciated and TIA!

Welcome!!!
In my opinion, if you have a 30% interest rate on a card and the Capitol One card is less than that even as an introduction rate, even with a transfer fee - I would be transferring it!!!
Becky
CL of 4th, 5th & 6th grade Scoliosis
Jenny
'There's two dates in time that they'll carve on your stone and everyone knows what they mean. What's more important is the time that is known in that little dash there in between' ~~Garth Brooks' song "Pushing Up Daisies"
Jenny