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Posted in Retirement
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Paperman159

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Retirement and credit cards
I retired early (age 63) last year due to health reasons and am working only part time. I have a credit score of 734 and have one high interest credit card (they recently raised my rate to 20.5 even though I have never been late) that I want to take out a new card and do a balance transfer and pay off the high rate card. I have been turned down by three companies because my debt to income ratio is now out of whack because my income has decreased. I pay all of my bills on time and that is reflected on my credit report. Any advice from anyone on how to pay off this high rate card?
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Do you have any equity in a home? You could always do a second mortgage, which may provide a much lower interest rate. In addition, the interest paid on this type of loan may help get you a break on your taxes.

Just a thought.

Brian

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Pay the minimum payments on the other debts and make any additional payments you can afford to the high interest rate one. Your score is likely taking a hit with the various applications for new credit, which is worsening that.

If you have equity in your home, you may be able to take out a home equity loan at a reasonable rate.

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