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| alicia gist |
 Posted: Mon Apr 04, 2005 9:25 am Post subject: Credit cards and the devil |
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Investing Sr. Associate
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| I have a credit card that has increased my interest rate to 29.40%. The balance is about $2000. The neat thing is that keep sending me convenience checks for 3.9% for the life of the balance. I called the other day to see if I could get the rate lowered. I was told the 29 is for purchases only. It is there because my credit cards are close to the limit. When I pay them down I can call back and they will lower the percentage rate. Sounds good, but how do you pay them down at 29.4% interest?!!! |
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| Benjamin |
| Posted: Mon Apr 04, 2005 9:33 am Post subject: |
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Administrator
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Arrrghhh! 30%!?
You should really be able to get a new card at 0%. for 6 months and then has a much lower APR over the long run, or just move to another card at that time. If you've been making your payments (even missing a couple here and there) you should be able to get one of these no problem! |
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| Benjamin |
| Posted: Mon Apr 04, 2005 9:35 am Post subject: |
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Administrator
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| Sorry...30% mind as well be a loan shark. Do your best to get one at 0% and then transfer the balance. Feel free to give them the finger on the way out. |
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| trixiezzz |
| Posted: Tue Apr 05, 2005 4:06 pm Post subject: |
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Investing Manager
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| Could you transfer the balance to a lower-rate credit card? Then pay it off as quickly as possible. |
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| freeye |
| Posted: Wed May 25, 2005 10:53 am Post subject: |
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Investing Manager
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29% credit card rate. yiiiiikes!
try opening an account at the best credit union you can find and transfer the balance to the credit union card. i think you will find they will treat you much better.
if you are having trouble paying off the $2,000 all at once you are headed for disaster.
consider putting your credit card on ice (literally). fill up a zip lock baggie with water and drop in your credit card and toss it in the freezer.
it will be there for you in an emergency. but not easily accessible to you or your mate.
you may not realize this but people consider it highly intelligent, admireable, honorable and financially savvy for a person to recognize this kind of situation and set a plan to pay this card off and work the plan accordingly to completion.
it may not feel like it right now but looking back at this you will see you are actually lucky you caught this so early.
if you do not expedite this matter financial disaster will likely follow. |
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| raspberry24 |
| Posted: Sun May 29, 2005 5:50 am Post subject: |
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Member of the Month
May
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 Definately transfer the balance to a new card and try to pay it off as soon as possible. Maybe you can get one of the cards that pays you back! With my discover card, every time i accrue $20, I can cash in the bonus. It is nice to take the extra off my bill. Good luck! |
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| Benjamin |
| Posted: Mon Jun 06, 2005 5:23 pm Post subject: |
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Administrator
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| sonicreducer |
| Posted: Tue Jun 07, 2005 3:20 am Post subject: |
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Investing Associate
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Nice! Definitely something to look at if anyone is needing to switch cards for lower apr or bt.
BT'ing from even a modest apr card to a 0% intro for 6 months or a year makes quite a difference in my opinion. Definitely helped me pay off some debt left over from being a little reckless in school a lot sooner  |
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