interest rates on credit cards :(
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interest rates on credit cards :(
| Tue, 09-13-2005 - 4:39pm |
My husband and I have two boys, ages 7 and 2 and we have about $27,000 in credit card debt, along with a first and second mortgage. We have finally stopped using the credit cards completely but my problem is that all of them have increased our interest rates to really high amounts so the payments we are sending in are not hardly making a dent at all. I have tried calling them and asking for a lower rate but they all tell me no. I realize that we have a lot of debt but we have never been late with a payment and we actually do have about $12,000 in credit that we haven't used so it's not like we are about to max out everything. Does anyone have any suggestions on how to get them to lower the rates?
Thanks in advance
Angie
Thanks in advance
Angie

Hmmm....I'm not sure if you haven't been late and you have good credit, are you getting offers for lower rates?
If my credit cards raised my rates for no reason and then wouldn't lower it back, with good credit you usually have the option of surfing the balances to new cards with lower rates.
Becky
CL of 4th, 5th & 6th grade Scoliosis
I think what some people do is transfer part of it, maybe a couple thousand. Then when that is paid down, they just make another transfer if there is another offer. As long as you don't move so much that both payments are high, this will probably work. It will take more work on your part, but as long as you are not adding to the other card, by paying off part of it, you are dropping what you need to pay each month.
Auntydoxzz