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Balance Transfers -- Credit Cards
I have several credit cards where my credit limit was closed and my interest rates were raised. I pay all my payments on time and that is not my problem, it just appears that I am maxed out with the interest rates increased it is hard for me to pay anything down.
Asked by
ach143jvh
1 year ago
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Well, it looks like you've been spending more than you can afford.
No#1. Do not spend more than 30% of your credit limit. In other words, if you have a $500 credit limit on one card, that means that no more than $150 should be spent. After you spend the $150, either pay it all off by the due date OR may your minimum payments on time but do not use the card again until you bring your balance down to zero, or close to it.
The best course of action for you is to simply pay off those cards and stop paying just the minimum amount. That's what's getting you and millions of other people.
Many people get credit cards and max them out, then when it's time to pay, they pay only the minimum amount, only to find out that the interest charges is making the principal amount seem small.
Times may be hard, but if you're going to utilize credit, then you must pay it back on time, but hopefully pay it off no later than 2 billing cycles.
Sacrifice, sacrifice. Go without the movies, parties or whatever you don't need and put all of your money on paying those cards down.
Besides, no matter if the interest was 50%, if you pay off that credit card by the next billing cycle you won't be paying that interest. And if you have high interest credit cards, that should be motivation-ally enough for you to get them paid off as quickly as you can, then the interest won't mean a thing to you.
afili8ter 1 year ago
You could try getting a consolidation loan at LendingClub.com. Most balance transfer offers are only good for 12 months and will cost up to 4% of the transferred balance. If you can pay off everything in 12 months (including the transfer fee) then a 0% balance transfer would be ideal if you can get one.
robert0380 1 year ago