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    Need debt advice

    Hi all,

    I am trying to pay around $29k in consumer debt and need some advice. I have a couple of cards with high interest rates and would like to see if I can balance transfer them, but am wondering if I should wait a while longer or try now. My credit karma report showed 10 hard inquiries on it a couple of months ago. There are only 6 now. I have a BOA card with a $2500 balance on it and the interest ate is 22%. I'd really like to transfer this card, should I try now or wait longer? I have a couple of citi cards with a $0 balance and thought of calling citi to see if they would bt.

    Any thoughts?

    Thanks so much.

    #2
    How is your credit? Have you checked your score lately?

    More importantly, what are you doing to repay the debt? If you post your income and expense info, we can give some advice regarding where you might be able to free up money to direct toward the debt. You can balance transfer all you want but what matters most is how much money you can throw at this every month.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    Comment


      #3
      Originally posted by nonniepie View Post
      My credit karma report showed 10 hard inquiries on it a couple of months ago. There are only 6 now.
      What were you applying for that you're showing 10 hard pulls? Were they from trying to consolidate your debt?
      The easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
      - Demosthenes

      Comment


        #4
        Paying off the debt should be priority number one. I wouldn't dwell too much on your credit score while trying to repay it. Your score will take care of itself once the debts are gone.
        Brian

        Comment


          #5
          Originally posted by kv968 View Post
          What were you applying for that you're showing 10 hard pulls? Were they from trying to consolidate your debt?

          Yes, I was trying to balance transfer and applied for way too many cards last year.

          Comment


            #6
            Originally posted by bjl584 View Post
            Paying off the debt should be priority number one. I wouldn't dwell too much on your credit score while trying to repay it. Your score will take care of itself once the debts are gone.
            Yes, my husband and I are trying to pay off our debt. My credit score is actually not horrible. Credit karma shows it as 690. I checked my credit report yesterday and my debt to credit ratio is 42%. I don't know my actual score, but my report isn't that bad. No late payments, etc.

            Comment


              #7
              Originally posted by nonniepie View Post
              Hi all,

              I am trying to pay around $29k in consumer debt and need some advice. I have a couple of cards with high interest rates and would like to see if I can balance transfer them, but am wondering if I should wait a while longer or try now. My credit karma report showed 10 hard inquiries on it a couple of months ago. There are only 6 now. I have a BOA card with a $2500 balance on it and the interest ate is 22%. I'd really like to transfer this card, should I try now or wait longer? I have a couple of citi cards with a $0 balance and thought of calling citi to see if they would bt.

              Any thoughts?

              Thanks so much.
              Since you already have an account with Citi, call them up and ask them what sort of balance transfer terms they will offer you. Make note of their best offer, call BOA and tell them they are about to lose your business. See if they will beat or at least match Citi's offer.

              If Citi does not offer you a balance transfer, call BOA anyway. Tell them you think you can do better than 22% and ask them to lower your rate.

              Anything you can do to decrease the interest you are paying will help you along in your goal to get this debt out of your life. Best of luck to you!

              Comment


                #8
                Transfer Your card at the earliest. 22% is very high and takes up lot of Your money indebting You further.

                Comment


                  #9
                  don't worry about your credit score

                  I agree - don't worry about your credit score right now. Try to pay off the debt as fast as possible. Stay motivated! It can be hard to be on a bare bones budget for months, but it will be worth it in the end, when you no longer have to make monthly payments on several cards. Besides, as you pay off credit card debt and your credit utilization declines, your score will go up anyway.

                  Comment


                    #10
                    I would phone citi asap and ask them to lower the rate, get a balance transfer and don't go deeper into debt. That happened to me.

                    Originally posted by nonniepie View Post
                    Hi all,

                    I am trying to pay around $29k in consumer debt and need some advice. I have a couple of cards with high interest rates and would like to see if I can balance transfer them, but am wondering if I should wait a while longer or try now. My credit karma report showed 10 hard inquiries on it a couple of months ago. There are only 6 now. I have a BOA card with a $2500 balance on it and the interest ate is 22%. I'd really like to transfer this card, should I try now or wait longer? I have a couple of citi cards with a $0 balance and thought of calling citi to see if they would bt.

                    Any thoughts?

                    Thanks so much.

                    Comment

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