I'm new and really need advice

iVillage Member
Registered: 09-21-2004
I'm new and really need advice
5
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!
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 09-25-2004 - 8:29am

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!!!

iVillage Member
Registered: 09-20-2004
Sat, 09-25-2004 - 9:47am
30% is a ridiculous interest rate so definitely transfer that balance to a lower one- even 19% would be better. Don't cancel your cards though- somewhere I heard the info that having the credit available and not using it is better than not having the credit available. So, transfer the high int rates and then CUT UP the other cards so you can't use them. The best thing you can do is of course stop using all the cards and figure out how to pay down the debts. We did that the year I was pregnant with my 1st and figured out how I could stay home and still get rid of our debt. It was hard but we did it. Keep one card in tact for emergencies. Then pay cash for everything and start paying down your debt. There is a lot of good info on these boards about how to do that. YOU CAN DO IT, YOU CAN ! YOU CAN! Good Luck!
Avatar for cowboy4me
iVillage Member
Registered: 03-25-2003
Sat, 09-25-2004 - 2:00pm
I just transfer all my credit cards to one card, becuase it had the lowest interest of all of them. I figure it's money and I'm not willing to give the cc companies anymore then there entitled to.

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"

"Love knows hidden paths."~~German Proverb

Jenny

iVillage Member
Registered: 09-21-2004
Sat, 09-25-2004 - 7:58pm
His credit was iffy because he didn't have any when he got that card but he has built credit since then and has even been told when we bought a car this year, he has good credit. I really hate that card too. lol Thanks for your advice.
iVillage Member
Registered: 09-21-2004
Sat, 09-25-2004 - 7:59pm
Thanks for everyone's advice. I really appreciate it.