A few ideas - Posted by AnnNC
Posted by AnnNC on November 20, 2000 at 20:32:32:
As far as CC debt: watch every statement. Often, the
minimum payment amount required on the statement is not enough to avoid an over-limit charge or to reduce the principle. If you pay the bill on time, but past the closing date, you pay interest, I think, on more than what is covered by the “minimum payment required” on the statement, so you can never catch up. Compare the interest rates on CC debt vs home equity loan interest rate, and try to get the CC debt down.A credit card balance transfer from a higher interest rate card to a special offer on a lower interest rate card that you already have an account with may work to get a lower CC interest rate for 6 months or so.
It sounds like you have a lot of equity in that property that you might want to pull (some of it) out and get rid ofthe high interest CC debt. Try to see exactly what the CC debt is costing. You need to look at your closing dates, and talk to the CC companies.
Their policies vary, and often, if you call them, they
will work with you. But if you want a reduced interest rate, it’s like a refinance of your credit card account, so best to let sleeping
dogs lie. “Don’t go there” I would not give any updated information, but just let it ride, and get the reduced interest rate by doing a balance transfer–they don’t ask any questions. This is my personal experience from questions I asked this week of one CC
company re reducing the interest rate, vs balance transfers to others.
Oddly enough, the balance transfer offers were reasonble, and then , in 6 months or so, the "regular rate’ was a lot lower than what I’m paying now. I’d check the fine print very closely though, as the lower interest rate
only applies to the transfer. Just don’t use the card
again for any regular purchases, as they may have a much higher interest rate. Some cards do , some don’t.
So, as I said, you need to look at exactly the interest rate on the statement, and exactly what
transactions get what interest rate.
There is a lot of variation. Feel free to email me.