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Question
How to save money and become debt free?
Right now I plan to pay off my debt. I currently owe:
$800 on a credit card with a limit of $2,000 (apr 14.99%)
$2230 on a credit card with a limit of 2,500 ( apr 8.99%) and
$5,400 on a CREDIT LINE of 5,700 (apr 18.99%)
My question is in regards to the credit line of 5,400 debt with a high apr of 18.99%. That is such a high apr. When I did the math i realized how much money I am paying in interest alone!!! I plan to call and ask them to lower my interest rate. My fear is that they won't because I made no payments during the 4 month grace period (regret it big time) and have only made 2 payments. If they refuse to lower my apr what do you recommend. I am considering applying for a loan to reconsolidate BofA but that would mean a new inquirey and what is the sense if they reject me. I have ALWAYS made on time payments, have a credit score of 654, 5 inquiries this year, and a limited credit history. Should I apply for a loan or just pay the high interest rates? Do I have a chance?
Best Answer
Don't let fear stop you from asking for a lower interest rate. Go ahead and ask. They probably like you since you've paid them so much interest and not much on your principal. You're their kind of customer!
Be a little dramatic and gasp if they don't offer you a lower rate. Or even gasp if they do - say you were hoping for something better since you've been such a good customer and paid everything on time.
Transferring some of your debt at the 18.99% rate to your lower cards could be a good idea. Generally, there's a fee associated with cash transfers. Do some math and see if it's worth it. Right now, you'd only be able to transfer $1,750 with most of that going onto your 14.99% card.
I included a link below to a credit card calculator. It will let you figure out how much you need to pay each month to get out of debt. You can base it on the amount you have to pay each month or on how many months to pay it off. It's pretty handy. I don't know anything else about that site, but I do like that calculator.
I don't think you need to get a new loan. Just work on paying down what you have. Ask for a lower interest rate on the 18.99 and 14.99. You've got nothing to lose by asking.
Live poor for a while to get this debt paid off. You'll feel so totally free once it's off your back. Stop using credit and for Christmas, bake everyone cookies instead of buying presents.
Your credit score should go up quite a bit when this debt is gone. Good luck - you can do it!
Source(s):
4 years agoOther Answers
IMHO, there's no easy answer. You are going to have to lower your standard of living, possibly alot. Your first priority should be to concentrate on paying down the 19% card, and possibly transferring some of that balance to your lower interest cards if you can. Then pay off the next highest, etc.
Getting a loan in the beginning of what's going to be a nasty *credit crunch* is going to be alot more difficult for quite awhile - notice that I'm using "alot" alot - this credit crunch has the potential to become a recession! You can try, but bankers are scared silly at this point. I can't recomment that you consolidate your low interest cards and mix it in with the 19% - the average interest may be higher then those cards!...
A lower interest rate will not help you get out of debt faster. As long as you spend less than what you earn and have a personal budget (that includes savings) you can never go wrong. The first step in paying off debt is to shred all of your credit cards and throw them in the trash where they belong. Then start try the envelope system. Label a few envelopes with categories out of your budget; entertainment, SAVINGS, food, gas, etc. Fill each envelope with however much (cash) you want to spend for the month (or week). Whenever you need to make a purchase, pull money out of the appropriate envelope. It's a simple, easy, and almost foolproof way to limit your spending and save money.
Once your budget is in place and your spending is under control, you'll have a much easier time paying off those cards.
