What makes the most sense? cc's

iVillage Member
Registered: 05-09-2005
What makes the most sense? cc's
2
Thu, 05-11-2006 - 11:10am

Ok we have a few small cc's. these are new charges that we have not paid interest on yet.

BUT I noticed that the rate on one card is 24.9%. YUCK! I am still checking on the others.

These are balances $600 and below.

Would it be better to pay them off over several months? Or to combine them with another card with a much lower interest rate??

I am considering combining due to the fact that I have too many monthly payments and would prefer to only make 2 cc pmts instead of 5-6.

The card I am considering combining to has about 5k on it and we snowball to it each month. AND as soon as our boat stuff sells we will be able to pay it off. BUT we have been waiting several months for the stuff to sell now.

thoughts suggestions?

thanks

iVillage Member
Registered: 03-27-2003
Thu, 05-11-2006 - 11:38am

I personally don't transfer balances on credit cards unless the offer comes with no balance transfer fees. For me, having to make 6 separate payments each month makes more of a mental impact on me than having to make 2, which motivates me to getting out of this debt mess. If I were you I would leave the balances where they are, make minimum payments on all credit cards except the smallest one, and pay extra to the smallest one until it is paid off. Then attack the one with the next lowest balance, and so on.

If you really feel the need to combine them onto one or two cards call and ask if they will waive the balance transfer fee. Sometimes they will.

Heather

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Fri, 05-12-2006 - 10:37pm

Hello,


I have to agree with Heather here. The balance transfer fees are not very economical (usually $10 minimum

Sincerely,
Lindsey Schocke

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