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I made a mistake, and trying to get out off it. I have a good APR on my AMEX (7%), but my other 2 is killing me 23% and 29% pretty high balances too. am paying almost $1,000 every month on the 3 cards alone, I can barely save. PLS ADVICE
Ok, a few questions for you…
Are you delinquent on any of the accounts?
If yes, why? Job loss, income reduction, divorce, medical…?
Are you paying just the minimums on the accounts or are you paying extra?
Have you called to find out if the companies have any kind of hardship plan, etc.?
Have you made any payments late or gone over your limit? Those fees can really add up and cost you lots of money!
Here is how I would go about making a dent in these cards…if you are paying more than the minimums on each..
I would cut back to minimums on the 7% and 23%. Whatever extra you were paying to those, add it to the payment on the 29%. Make as large of a payment as you can to get that paid off quickly. Once that one is paid off, take everything that was going to that and add it to the payment on your 23%…then follow with the 7%.
It doesn’t hurt to call the companies and ask if they can lower the interest rate or help out with one of the fees (if you’ve received any). You can always ask to be transferred to retention. Remember if you close one of your cards and have a balance on it, you still need to make at least your monthly minimum payment or you can be subject to late and/or overlimit fees.
Sounds like you need to evaluate what you are purchasing…if you are living above your means, you may need to back off of your purchases until you are in a better position to take care of the cards.
…I can think of a lot better things to do with $1,000 every month.
If you have questions, feel free to ask!
try to visit some debt relief agencies on internet
transfer the bals to your amex. AND CANCEL your other two they credit card companies will still send you a monthly bill but you will not be tempted to chage on them.
I was in debt 12k with credit cards last year and i paid them off by every time i got paid they got half or a third of my check so i was paying them 4 times a month and before you kno it they are gone and you can start saving the same way.
BUT CALL AND CANCEL THE CARDS WITH THE HIGHEST APR they will still send you a monthly bill and it will help from you using them
Call the credit card company and CLOSE the account. You may be able to negotiate the APR to a lower rate and then make payments from there. I don’t recommend going to a debt relief agency–they are of no help. Not to mention some of the debt relief agencies are listed on your credit report and that doesn’t look good.
how about you quit charging things….and pay off the 2 cards with the highest rates, or get new cards and roll the old debt on to new cards with lower interest.