Credit card interest rate

[TX HOG]

Two things. We have some credit card debt we're trying to clear.
1) what is the best tactic to lower interest rate?
2) what's a good/reasonable rate to request?

[JoeyCapital]

What interest rate are you paying now? How many different cards do you have? How's your credit?

[TX HOG]

We have 3

1) 13.4%
2) 12.9
3) 29.99

Credit is about 700-710

[TX HOG]

The 1st two "put in a request"
The last one (big one) said NO

[JoeyCapital]

We have 3

1) 13.4%
2) 12.9
3) 29.99

Credit is about 700-710

try to balance transfer what you have on the 29.99 to one of the lower ones or find a card company that will let you balance transfer.

If you can't you need to pay that mofo off ASAP, even if it means making min only payments on the other two so you can throw more at it.

You can't even really call 29.99% an interest rate. The proper term for that is the vig, or in some circles it's called the juice.

[TX HOG]

We're going to try to pay that one off first and quickly

[hog.goblin]

We're going to try to pay that one off first and quickly

Depends on the balance, sometimes it can make sense to pay off the card with the smallest balance first to free up more money on a monthly basis.  Check out Dave Ramsey's snowball strategy.

That said, if you can throw high enough dollars at it pay off the higher rate first.

[TX HOG]

Our chase card has about $3,000 at 30%. Chase said they can't help me to lower it. BS

[HawgWild]

What about transferring this balance over to a different card? Have you checked into this? Good luck.

[husker71]

I went to USAA and got 0% for 15 months   cost was $200 between 2 cards  am taking aim at paying it off in 10 to 12 months   nice to see the others at 0 balance and put away      my rate on USAA  will be 11.9%    I can live with that   

[HawgWild]

I would go ahead and take the Chase card out of my wallet and cut it up. You shouldn't charge another dime on that one. 30%!? Dayum!

Back in the day, Arkansas banks couldn't charge more than 10% on their cards because of a "Usury" law.

[ricepig]

I would go ahead and take the Chase card out of my wallet and cut it up. You shouldn't charge another dime on that one. 30%!? Dayum!

Back in the day, Arkansas banks couldn't charge more than 10% on their cards because of a "Usury" law.

Yep, probably cut up the others until I owed $0.

[TX HOG]

Cash only. We are saving to get bebt free so we can move to bentonville. They wouldn't even entertain the idea of lowering it. Said its up to a panel to decide. Balance transfer is something to look into.

[hog.goblin]

Cash only. We are saving to get bebt free so we can move to bentonville. They wouldn't even entertain the idea of lowering it. Said its up to a panel to decide. Balance transfer is something to look into.

rice and beans until you get it paid off.  it will happen before you know it.

[LSUFan]

Chapter 7 

[ricepig]

rice and beans until you get it paid off.  it will happen before you know it.

Lots of rice, only if it's US grown.   

[hog.goblin]

Lots of rice, only if it's US grown.   

Maybe even just Arkansas rice?  Support the state and his budget!

[husker71]

he mentioned this once or twice and since you have that debt already how can it not be wise (since you are going to pay it anyway right)  to pay 0% for a time   He would not be happy with me because I paid transfer fees (that was his big thing)  but no interest until October of 2016 was to much to pass by  If I don't pay it off completely shame on me.

[hog.goblin]

I wonder if Ramsey would tweek his strategy in light of the current offerings of balance transfers with 0% APR for 18 months (or so)....I read the definition of his strategy on the web and I understand where he is coming from but I'm wondering if he would suggest the same strategy now.

He would not, because he knows most folks can't knock it after the intro period.  But folks that need a little help and are still in control would definitely benefit from a zero balance transfer.

[hog.goblin]

Every now and then I'll get a zero interest zero fee offer.  Capital One.

[hog.goblin]

None at all. I get the offer about twice a year.  No cost at all.  I'm guessing they hope I won't pay it off in time.

[majestic]

Cut them in pieces and put them in the trash.  Far too many people can't use ccs correctly and end up in your situation.  At those interest rates, I'd consider a home equity loan to pay them off, if you have any.  You can quickly knock your HE loan down by putting the same money towards it that would have gone to cc payments.