Credit Card Debt
Talk Your Way Out of Credit Card Debt!: Phone Calls to Banks That Saved More Than $43,000 in Interest Charges and Fees
Scott Bilker (Paperback) Press One Pub 2003-03-01
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$19.95
Answers
my debt is $100,000 and i want to pay it off all but i keep on falling behind because of all these late fees,very high interest rates on credit cards,my scores fall to 585.i can not be approved any low interest rates on credit cards.any suggestion for me to get out of debt.
NO DO NOT FILE BANKRUPTCY. TERRIBLE ADVICE.
Before you do ANYTHING, listen to this man for free, on the radio or online, daily, and you will find your way out of this. The numbers are doable. This is like getting financial wisdom from Bill Gates, except this guy has a radio show. He took a call about identical to yours this week.
I will say that just this single audio clip CHANGED MY LIFE when I heard it.
Half way down click "Listen to Dave". JUST listen.
http://www.daveramsey.com/tdrs/index.cfm /2007/9/17/Getting-rich
When people have credit card debt and bad credit, it is difficult to get low interest rates. Learn about credit card debt and low interest rates ...
I was thinking about a situation that happened to me a while back. My minimum payment doubled and I couldn't afford it anymore. The credit card company increased the interest rate to something like 29%. But, I don't understand why... if I can't pay my minimum, what good is it for them to increase my interest rate? It's only going to make it harder for me to pay off my debt more! Why do they do this? I've never understood why!
They are idiots. Still people play the game with itiots running the show.
wow, you guys totally missed the point here.
I read the other day that the Federal Government recently cut the interest rates to banks. I called my credit card company and they told me my approx $65K of credit card debt is still at 29.44% and hasn’t dropped yet. When can I expect my credit card rate to drop? I am going to call my Congresswoman later on today but thought I would ask here first.
The Fed cut interest rates on homes, not credit cards. So you should refinance your house and pay off the high-debt credit card. Even if they offer you one of those interest-only loans, it's still a good deal. You can just refinance again in a couple years. Housing just keeps going up. I actually just refinanced again a few months ago so I could get a new Hummer. It's badass, man!
Title pretty much says it all! As with many folks nowadays, I am staring down bankruptcy, and would like to get some expert's (or those who have gone through this and succeeded) advice. I have ventured on my own, and have been unsuccessful at achieving either a rate reduction or debt forgiveness.
You certainly aren't alone, so many are facing the same thing.
What you need is a third party, independent advocate, to intervene on your behalf. Call Lifeline or the Salvation Army and ask to speak to their financial counsellor. If you belong to a church, they may have someone who can help you. You may have to wait a little, but do explain how urgent it is and they may be able to delay things for you. Whatever you do, don't go into further debt, trying to get another loan to pay out what you already have.
Also please don't get involved in any 'new schemes'... you have to work with what you have now. There is light at the end of the tunnel.
Best wishes.
Ok,
I have 2 credit cards. The interest rate on both of them is 18.5%. I have the opportunity of changing one of them to a credit card with an interest rate of 11.5%.
The credit card that would be at 11.5% would be the big one(over $4000), and my other credit card has a fairly low amount on it (Under $400) so my total if I put them both onto one credit card would be around $5000 maybe a little less.
Does the interest rate change your minimum monthly payments at all?
Would it be a good idea for me to put both of my credit cards on this low interest 11.5% credit card?
You just need to shop around. You can find deals where the interest rate doesn't change...at least for a determined period of time. Try finding some of those very low APR cards for balance transfers and look for the ones that give you the longest period of time to have that introductory rate.
I wouldn't go with that 11.5% card (although it's a great long term rate), you ought to be able to find a better deal on the balance transfer.
There are a couple of credit card comparison sites out there...just spend some time looking.
Buy Cheap
Les Bonner | We need a maximum credit card interest rate to end ...
“On average, a £10,000 debt repaid at the minimum rate will still take more than 35 years to pay off,” said the Liberal Democrat Shadow Business Secretary.
Commenting on new rules on the cost of credit card borrowing announced by the Government today, John Thurso said:
“Credit card interest rates have been hiked to their highest levels since June 2006 despite the fact that interest rates have bottomed out at 0.5%. We need a maximum interest rate put in place to end this profiteering.
“It’s right that the most expensive debt should be paid off first but the Government’s lack of action on minimum repayments means that credit card debt will still take decades to repay.
...News
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BigNews.biz (press release) - Mar 16, 2010
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Opposing Views - Mar 12, 2010
KVALPeople who employ this method usually have a credit card with a large balance or a high interest rate. They decide that if they transfer their balance to a Why Your Credit Card Statement Looks DifferentTen Ways to Reduce Your Credit Card Debt, Part 2Paying off credit card - -all 369 news articles »
Medill Reports: Chicago - Mar 10, 2010
CompareAndSave.comThere have never been caps on interest rates,” said Ben Woolsy, director of marketing and consumer research at CreditCard.com in an interview. Credit Card Debt Relief: 3 Simple StepsObama Credit Card Debt Relief Program – New Act to Help Lower Debt LoadTen Ways to Reduce Your Credit Card Debt - -all 384 news articles »
New York Times - Mar 15, 2010
The Fed's ResponsibilityCompanies must now provide a 45-day notice before raising interest rates, giving the customer a fair chance to cancel the card. And except in a few cases, and more »Times Online - Mar 15, 2010
The GuardianQ&A: getting help with credit card debt transfer the outstanding balances on all your credit cards to one card with a 0 per cent rate on balance transfers, and a good subsequent interest rate. Lenders to help those experiencing income shockIVAs can help with personal loan and credit card debtsall 27 news articles »
CBS News - Feb 23, 2010
His interest rate was cut in half, and his interest rate tripled - from 8 percent to 24 percent. So Duncan has paid off his credit cards completely. How to stop credit card debt from adding upHow to Pay Off Credit CardsSweeping Change - -all 2,254 news articles »