Home Depot Card is KILLING me!
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| Thu, 08-13-2009 - 10:02pm |
It is. We renovated our bathroom a couple of years ago and, like idiots, put a lot on the Home Depot card. At the time we thought we would be able to pay off the balance within the 12 months no interest period... and of course, we didn't. So now we have a balance of about $2600 on the card.
It wasn't bad at first because payments were $20, then $30, then $40 to now where it is around $93 a month and each month it keeps going up.
I just read Dave Ramsey's book and am going to try to aggressively get rid of this debt first (even though we have smaller bills) because of the high interest rates. I am a teacher and do not get paid again until September and my husband starts his new job on August 27.
We are not in a position to get a card with a lower rate because our credit score has dropped because of our income to debt ratio.
Add to that that my husband's hours have been cut to about 20 a week (he should have been working close to 60+). So things have been tight and we have had a substantial drop in income.
I guess my point in all this rambling is that I wonder if there is anything that I can do? I know that store CC are notorious for high interest rates.
How would you approach this if you were me? I can't be paying over $100 a month to Home Depot. I just can't. It makes me sick.
I would love to hear advice and opinions on how to tackle this.
Thanks so much in advance.

Yes there is something you might be able to do that won't involve your credit score, and I just found out about this one.
As a teacher I would bet that there is a teacher's credit union out there somewhere in your state?
Welcome to the board.
If there is Kroger stores in your town Try for their credit card. They started us out at 7500.00 so that would keep your balance around the 30% mark. If you transferred it over to them. There interest rate falls around 10-14 percent that is cheaper then 18% and they figure their payments on 1% of the balance and interest amount This would lower your payment.
Dave is good on some matters. I am not a great Dave fan. Because he tackles one credit card at a time. For me when I started all this I really needed payments lowered on all my cards not to get pay off one. Paying off one card for me would not helped us out a lot. So I snowflake on all of my cards. I find that is the best system
Hello,
Your monthly payment should not go up unless you are
"When all fails you can charge food and gas and all your living money for a month or so on cheaper interest card then take the cash you would pay for these things and give it to Home depot card."
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Mary Ann, I never thought of doing that! It might get me out of a bad situation someday. You are one very smart woman!
Mary Jo