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Author: OtherVoices Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308847  
Subject: Re: 1st time poster Date: 9/15/2005 4:26 PM
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I want you to go make a list of your credit cards (all of them, include the ones that you own that don't have a balance). Write down the balances on each, the interest rates, the minimum payments and the credit limit of each.

Those things will help you decide what your next move should be. If you post those details here, we can help you better. I see you've already posted what your interest rates are. Have you been late with payments on any of those cards? How long ago? What does your credit report look like? Is all the information on it correct? If you've already tried calling to get a lower rate, and they refuse, you have to start looking into balance transfers. You'll need to know what cards will offer you a transfer, at what rate, how much you have available on that card and if that card already has a balance (you don't want to transfer to a card that already has a balance).

You may not be able to get lower rates or do a balance transfer for a few months until you've proven you can make your monthly payments on time. It may serve you best to clear off a card that has the lowest interest rate on it, just so you can transfer something to it later. It all depends on what your current balances are, interest rates, and what BT these cards will offer you.

I hope when you say you've eaten out in the last month, that you've at least paid cash for those meals and not put them on the cards. Your first step to getting out of debt really has to be a cash only diet. You can't stop a sinking boat if you're putting water into it.
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