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transferring to a lower interest card..questions??? need advice!!


Forum: Financial Planning and Budgeting

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  #1  
November 13th, 2010, 06:56 PM
momoftwinsand1's Avatar Mega Super Mommy
Join Date: Sep 2005
Location: VA
Posts: 3,006
Im new to this board and have a quick question. any advice would be much appreciated.

Ok so I have been working on paying our debt down for over a year now. I got a new card with a $3000 limit thats has 0% interest on purchases and transfers till Nov. 2011 and then it goes to default which is 14%. I was thinking of transferring some of the balance of one of my higher interest cards to it. I just cant decide. This is what our cards are now
Chase- balance $5260, 29%
BOA- 6634, 27%
Capital one 7181, 9%

The Chase card Im paying like $140 in interest. I pay at LEAST $100 extra on each card but I just cant seem to get things really paid down. Im frustrated. I dont know if I shold transfer or just keep paying the way I am. I do think Im gonna pay the min. on the capital one for a little while since the interest is so low and put the extra on the other 2 that are so high.

My thought was to transfer some of the chase to the new card, pay the minium on the new card, the capital one, and the BOA, put all my extra money on the rest of the balance on the chase till its paid off then start on the BOA card.
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  #2  
November 13th, 2010, 09:08 PM
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IMO you need to pay off one at a time highest interest first. You have to get rid of that Chase card it's eating you alive. I'd work on calling Chase and seeing what they can do to lower that interest rate as well. Moving that to the new card may be beneficial but as soon as you've paid off the Chase card get rid of it for sure. I'd work on paying minimums on the other 2 and paying off the highest interest rate one first, once that is taken care of move on down the line.

And PLEASE stop getting MORE cards you have enough debt, getting more cards is not what you need right now.

Good luck.
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  #3  
November 13th, 2010, 09:17 PM
momoftwinsand1's Avatar Mega Super Mommy
Join Date: Sep 2005
Location: VA
Posts: 3,006
um I only got the new card b/c I was hoping to get the chase card paid paid off quicker and I just get ahead with a 29% apr. the chase card is a closed account already. I havent used any of these cards in over a year.
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Madison Yvonne and Hailey Yvonne 1-12-00 identical twins, c section 32 weekers
Jenna Noelle 4-17-02, VBAC 6 pounds 15 ounces, 19 inches
John Allen 4-4-06, VBAC 6 pounds 2 ounces 19 inches long
Paige Belle 5-21-07, VBAC 5 pounds 9 ounces 17 inches
Ava Marie 2-28-09, VBAC 5 pounds 10 ounces,16 1/2 inches
Jackson Douglas 2-13-13, VBAC 6 pounds 5 ounces, 19 inches
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  #4  
November 13th, 2010, 09:21 PM
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Given that you can't put the whole thing on there I'd probably just scrap it. Get rid of it but just pay minimums on the other 2 and put EVERYTHING extra onto the Chase. You might want to call Chase and see if you can negotiate a deal on it as well (ie I'll pay you $3,000 in one lump sum if you will wipe the rest clean), however this typically only works if you have the lump sum at once. Or look at taking out a personal loan with the bank in the amount of your credit cards, pay off the high interest cards and pay back the bank at a 10% or so interest rate.

I just wouldn't personally open up more accounts regardless of the reason.
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  #5  
November 20th, 2010, 11:30 AM
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Quote:
Originally Posted by momoftwinsand1 View Post
Chase- balance $5260, 29%
BOA- 6634, 27%
Capital one 7181, 9%
OUCH! Those are some killer rates. Great job for not using them in a year, that's a fabulous start.

Based on what you have, the best thing to do would be:

Transfer $3K from the Chase to the new card with 0%-pay just the minimum on it. It'll eventually default to 14% but that's half of what it is at now.

Also pay the minimum on the BOA and Cap 1. Use all extra money to get the remaining balance on the Chase card paid off ASAP. Then pay minimums on everything except the BOA and put all extra to that one and so on.

Have you cut expenses to help pay this debt off faster?
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  #6  
November 24th, 2010, 10:37 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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Location: PA
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I agree those rates are hurting you big time especially the chase one.

I agree call Chase and see what they can do for you.

I know from experience that they can cut down your rates pretty good as long as you pay within their terms.

Good Luck
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  #7  
December 26th, 2010, 10:51 PM
starrsgirl's Avatar Mega Super Mommy
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Location: Nebraska
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Quote:
Originally Posted by ~Kris~ View Post
OUCH! Those are some killer rates. Great job for not using them in a year, that's a fabulous start.

Based on what you have, the best thing to do would be:

Transfer $3K from the Chase to the new card with 0%-pay just the minimum on it. It'll eventually default to 14% but that's half of what it is at now.

Also pay the minimum on the BOA and Cap 1. Use all extra money to get the remaining balance on the Chase card paid off ASAP. Then pay minimums on everything except the BOA and put all extra to that one and so on.

Have you cut expenses to help pay this debt off faster?
I agree with this!
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  #8  
January 1st, 2011, 11:20 PM
Lynsann's Avatar Platinum Supermommy
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Posts: 8,867
I totally agree with Kris. Good plan. My only question is whether or not there's a big fee to transfer to the new card? I would definitely snowball your debt beginning with the highest interest rate.
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