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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: APR Reduction Date:  10/4/2019  8:20 PM
Author:  danbobtx Number:  312680 of 312823

After a little digging - a few observations:

Barclays has a number of cards currently on offer:

If you use the "compare" tool you'll see that interest rates vary by the specific card, and some have annual fees and others don't.

Suggest the following:
If you have points or miles on your existing cards, see if those can be applied as credit balances, or redeemed for giftcards for shopping you normally do. After using up any points or miles, call Barclays back and see if they will move your least favorable account to a different one of their accounts. For example, the Barclay's Financing Visa is more favorable than their American Airlines card, which has an annual fee and higher interest rates. This move will generally eat any of your unused points or miles. Even if the interest rate stays the same, if you can get out from under an annual fee, thats a win.

Go ahead and start shopping for a credit card from another source. You might look here:

Go ahead and apply for 1 and only one. Assuming you get it call Barclays back and ask for a competitive interest rate. After you get that rate on one or a few cards, go ahead and do a balance transfer anyway, if the math works out (e.g. can you afford to make the payments while making the payments on the ongoing Barclay's balances).

Review your finances carefully for things to cut, particularly subscriptions (cable, internet, gym, etc). Cut what you can, and for what you can't cut, call up and see if they can give you a promotional rate.

Sell something. Pick some things that don't spark joy, and go ahead and sell them.

build an emergency fund - $1000 is a good target

get a side hustle that makes economic sense, or if you are paid by the hour, see if you can get more hours.

Its going to take some time to get out of the hole, and if you report in here periodically, we can help you be accountable for it.
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