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CarrieS


Marc Jacobs

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I'm excited about my CC debt! *Sort of long*
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Lol, no, not that I have it   But I am happy because I just took a step today that should help me eliminate it faster.


My current CC debt is around $3800 and my current CC rate is 13.24%  I just recently got them to drop it down from 16.9%.  They told me that the 13.24 is the lowest prime rate they could give, so I said fine and dealt with it.  I'm always stressing about the debt, and while that won't change until it's totally gone, my current worries are because of unexpected bills that won't stop.


Buuuut, I decided yesterday/today that no, I wasn't fine with 13.24% and that I wanted a new card.  I'm just feeling like I'm spinning in an out-of-control circle right now about my debt.  And there's no reason the current CC couldn't have dropped my interest since my FICO score is 762, which is pretty damn good.


I just applied and was approved for a new card that includes a intro 0% APR on balance transfers for 12 billing cycles (through next November), no annual fee, and a few other cool things.  After the intro rate, the interest will go up to 7.9% (not fixed, so that could change), but I'm not really worried about after, because my goal right now is to have my debt completely gone by the end of that 0% year anyways.


There was also a 3% transfer fee, but that only costs me $114, which in the long run is still a ton better than all the interest I would've kept paying on the old card.


Now, must pay off the debt and get savings of SOME kind! I have absolutely no money saved anywhere, so that's a priority after the debt



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luckylily


Gucci

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Congratulations!  That's great.  For me, little victories like this really help motivate paying off the debt.

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Kelly


Hermes

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Awesome! It's definitely the little victories that keep me pumped up to do anything!

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Farrah


Marc Jacobs

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Good work Carrie!!  That is exactly what Suze Orman would tell you to do if your cc company is a jerk about lowering your interest rate.  She also says that there is no point in saving as long as you have cc debt because your paying way more in interest then you are making in interest.  Just be sure to open a high yield savings account as soon as your ccs are paid off.  Good luck!!!

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Kitty


Hermes

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I actually just sent in an application for a personal loan to consolidate all my cc debt. It's a fixed rate, and you pay on the principle, not the interest. I hope it goes through, I find out tomorrow.

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Farrah


Marc Jacobs

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Kitty wrote:


I actually just sent in an application for a personal loan to consolidate all my cc debt. It's a fixed rate, and you pay on the principle, not the interest. I hope it goes through, I find out tomorrow.


That is a really good idea Kitty!!



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luckylily


Gucci

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Kitty wrote:

I actually just sent in an application for a personal loan to consolidate all my cc debt. It's a fixed rate, and you pay on the principle, not the interest. I hope it goes through, I find out tomorrow.


Kitty - Would you mind telling me what financial institution you applied with?  And, how you picked them?  I've been thinking of doing something similar.


 



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Kitty


Hermes

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luckylily wrote:

Kitty wrote:

I actually just sent in an application for a personal loan to consolidate all my cc debt. It's a fixed rate, and you pay on the principle, not the interest. I hope it goes through, I find out tomorrow.


Kitty - Would you mind telling me what financial institution you applied with?  And, how you picked them?  I've been thinking of doing something similar.


 



I have a credit card with citi and I've always found them to be awesome. Whenever I've called to ask for lower interest rates, they've given them to me. I also find their web site easy to use for setting up auto-pays, etc.

I also have accounts/credit cards with MBNA, wells fargo, and Chase. I don't like them nearly as much as I like citi. They seem to have a lot more hidden fees.

I also just searched around online for personal loans and called a few places - citi seemed to have the best rates (of course, this depends on your credit).



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