two unrelated ?'s

iVillage Member
Registered: 09-02-2004
two unrelated ?'s
9
Thu, 02-09-2006 - 3:00pm

Maybe ya'll can help with some suggestions.

I'm trying all I can to reduce expenses and repay some CC debt. I have $1900 on a Bank of America Card and about $4k on an MBNA card that are at an obscene 29% rate. It's in my name, but the statements were mailed to my ex's house and he didn't pay the bills while we were in the divorce battle. I'd like to get them to reduce the rate. I phoned once a couple of months ago and they said that they wouldn't reduce until the card had been current for more than a year. Does that sound reasonable? MBNA was very rude. I HATE paying so much in interest. What have ya'll done to get the CC banks to reduce their rates so it can get paid off faster. I'm in a better financial situation now, paying more than the minimum, on time, but sometimes run out of $$ before I run out of month, and have to use the cards for necessities or a car repair or an unforseen dental bill. Very frustrating, I feel like I'm just spinning in circles.

I need to shop this weekend to replace some worn/outgrown stuff for my DD--sneakers, t-shirts and pajamas. I'm a terrible impulse buyer. How do you stay in self-control? I'm gonna tell her our budget for the day is X dollars and we need sneakers, two pairs of PJ's and whatever t-shirts we can get. I think she's old enough at 9 to comprehend this. Now can momma control herself? I'm feeling a little less financially stressed at the moment and would love to replace some of my old clothes, too, but I CAN get by--she can't.

Send me thoughts of self-control, please!

iVillage Member
Registered: 10-07-2005
Thu, 02-09-2006 - 3:18pm

I think you can stay on task. My daughter just turned 11, and when we first started having problems, she gave up school lunches to help us save money. Now she's so used to it, she loves to set her lunch menu for the week. She is able to understand that we don't have a lot of extra money for some things. We were at the mall for her birthday and we passed by Limited Too. I asked her if she wanted to go in because I know she likes that store. She said, "No, it's too expensive."

On that note, try shopping at 2nd hand stores for some of the basics for her. You'll be surprised how much you can get for your money. One year we went back to school shopping at a thrift store and I bought all brand name clothes, Gap, Old Navy, Abercrombie and maybe spent $30. I love thrift stores for that reason! Look at Ebay too, I've bought "lots" for my son. I hardly spend any money at all. Be careful on shipping though!

I hope this helps!

Michelle

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 02-09-2006 - 3:43pm

Sending lots and lots of self-control vibes your way!


How is your credit rating?

All my best,
Danni

iVillage Member
Registered: 01-25-2006
Thu, 02-09-2006 - 3:46pm

Well, I am a little reticent to suggest this but it might be an option. You might want to see if you could apply for a new card with a better intro rate. I don't know how bad your credit score is so it might not be an option. I also wouldn't go crazy applying for card after card but it might be worth a try to get one. The worst that would happen is you would be declined and you would then be eligible for a free credit report and score based on that decline. Another option might be if you belong to a credit union or can join one. They might be able to either offer you a more competitive rate on the balance or their own credit card.

How many months have you had the accounts current? Maybe wait until you have 6 consecutive months and try again with the current lenders. I'm sorry they were rude to you but just ignore it and do what you have to do. Can you maybe walk into a BOA branch and see if you can negotiate with someone in person?

Take this as intended...suggestions from someone who hasn't been in your shoes. I'm sure some others on this board have more pertinent experiences they might be able to share.

Peg

iVillage Member
Registered: 01-25-2006
Thu, 02-09-2006 - 3:53pm

A couple thoughts on the clothes front:
1. Can she get by on one pair of pjs? Or, I know my nieces just love big tshirts to sleep in (even in cold CO) so do you or her dad have some old t's you could give her instead? She might think it is fun.

2. Figure out the budget, take that amount in cash and leave the CC's at home. This is sort of along the lines of something we talk about on my healthy eating board re: keeping a 'clean' pantry (not keeping junk foods around). Instead of beating ourselves up for not being 'self-disciplined', set ourselves up for success by eliminating the temptation by carrying a card or checkbook on a shopping trip with a very specific budget.

Peg

iVillage Member
Registered: 09-02-2004
Thu, 02-09-2006 - 3:58pm

I've actually been thinking of opening a savings a/c at a CU near my office--It's one I don't think has any specific membership requirements. It's definitely worth a try. My credit rating number is only about 620 now, I think, is that poor?

Those are the only cc's I have however, I can't totally close them off.

iVillage Member
Registered: 02-19-2004
Thu, 02-09-2006 - 10:43pm

What I did the last time was pay my bills on time until those zero % offers started showing up in my mail.

Photobucket

iVillage Member
Registered: 09-02-2004
Fri, 02-10-2006 - 11:00am
I have been getting those and applied for one, got turned down. So now I've been shredding, should I start applying again after, say 4 months or so? I would LOVE to see that rate reduce.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Sat, 02-11-2006 - 9:49am

Hey there - 620 isn't that bad.

All my best,
Danni

iVillage Member
Registered: 09-02-2004
Mon, 02-13-2006 - 12:14pm

Thanks, I'm gonna check into that credit union. I may need a used car loan soon, maybe they will be able to do that. I'll see about doing a loan to pay off my high rate CC too. I sent in a "you're pre-approved" for 0% ap this weekend and asked them to pay off one of those high rate CC's. I'm not holding my breath for approval though. I would keep the CC as just an emergency source of funds in case of unexpected car repair/medical bill or something like that. I don't want a deeper hole either.

I did exercise self control on the shopping trip this weekend, so that was very good.

Momsacupcake