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Topic Over My Head In High APR's
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By Linda1
On 01/14/01
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I have two visa's one with a balance of $9,000. with a apr of 14.99% and another with a balance of $5,000. 17.99%apr. Sears $1300. apr 21% and Home Depot $1700. apr 21%.
I want to find a card to transfer these balances to help me out so I can close these accounts and have only one card. I am not looking for a shopping credit card for now just to pay these balances off. But I dont want a card that after balances are down the apr will be high in case I need to use for emergency. I am also thinking of selling my house but do not know if I should get an equity for these bills or just transfer balances to a low credit card. Help I'm drowing!!!!!!
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By colin
On 01/15/01
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How much can you afford to pay each month to your credit card debt?
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By Linda1
On 01/15/01
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On the highest balance I can just pay the required amount which is between $140-160. On the other one its about $111. On the Sears and Home Depot just the minimum about $40.-45.00. Then I have the equity loan $193. monthly not to mention car loans and regular household things. Its coming to the point where no money is going in the savings for future and its scarey so I need to put all high cards on a low something. Help!!!
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By colin
On 01/15/01
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I used the calculator section to look at your situation. As I understand it, you have about $17,000 in credit card debt on which you are paying about $350 per month and you are not making new purchases. If you were able to transfer your balances to a low rate card with let's say 8.9% APR, you would certainly pay less in interest charges over the next few years. You could probably pay the balance off in roughly five years paying about $4000 in interest charges. Keep in mind that this assumes you do not charge anything else. Another option would be to look at selling an asset to quickly pay down your debt, this may be painful at first but in the long run mayprovide more flexibility. Whatever you decide make sure to keep your credit history in good standing by paying on time. Good Luck, Colin
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By Linda1
On 01/15/01
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Just another quick note: all these credit cards that are out there the only one so far that I have seen is the Bank Of America card with 8.9% for all balance transfers until paid off. What about the other low intro cards? Or should I just stay with the same apr for the transfers instead of checking out others? Thanks for you help!!!!
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By colin
On 01/15/01
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That would be a good option if you are not going to make additional purchases.
Thanks.
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your questions are answered by the gromco team and card users like you
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