2week snowball effect.........

[thekid]

Does anyone know of any decent low % cards in Canada? we dont get all the different offers like the USA. thanks much

Canadian here. I do get quite a bit of low interest rate for initial start off period (say 6 months) offers by unsollicited mail from major banks. I never paid much attention to them before they hit the garbage (I pay my balances in full each month), but they do exist. I know HSBC Canada and RBC are among some of the senders from the top of my head. It would pay to look it up by calling several banks.

However, with an effective rate of 26%, it wouln't be hard to beat. Just tell RBC you're switching your balance to the competition if they don't remove the insurance charge. Should they refuse, you shouln't have trouble finding cards with an effective rate around 18% (probably lower rates for an initial period).

Do you have any room in your 10% LOC? Switching higher rate CC debt to your lower rate LOC would make sense.

[Ima saver]

I don't think you should touch either EF to pay off debt, right now.

[luvnspnful]

hiya! had to have me a nap after work before i posted....

TheKid: thanks for your post. and nice to see a fellow canuke. Im going to try your suggestion, and see if they play ball. Amex is offering 3.99 BT for 6 mos on the Airmiles card so Im gonna call them first and then Rbc and offer to defect. My LOC has about 3k worth of room on it right now- but my plan was to pay down the last 1800 of my BT that I just put on the RBC visa ( at3.9%) first before moving the whole thing over. cant see any point in paying 10% on the amount earning lessinterest, kwim? gotta love the CreditCardShuffle...hehe.

Ima: I agree with ya....too scary to empty the Ef fund out right now. Im still adding to it tho........last 2 wks alone I put in 325.

thanks again to all who replied...much abliged

[greedy4chips]

- the $55 on the balance insurance stinks, but RBC wouldnt let me cancel it as apparently its part of the original contract(i wouldnt have accepted this act if id known that). i tried to drop it, but im stuck. grrr
-i tried to lower all my interest rates, but was told I had to switch to new cc products to do that........that would kill the age of my accounts, and I dont want more cards.

Are they suggesting you open a 2nd acct with them at a lower rate? If so I would jump on that in a heartbeat! Otherwise transfer it to the first decent offer that hits your mailbox. Keep the old account open so the average age of your accounts doesn't drop, cut up the card on air on Dave Ramsey's show and avoid using the new card.

Otherwise you are doing great and your plan will work even if it isn't truly Dave's snowball method. I like your plan for your situation!

I have yet to understand the benefit of purchasing credit card insurance. Correct me if I am wrong, but doesn't it only offer you no monthly payment (and balance does not accrue interest) if you lose your job or are unable to work due to injury? I have never seen one that actually makes your monthly payment or reduces your debt other than no interest accruing.

Add in the almost 9% per year interest rate on your outstanding debt and you will take forever to see the card balance at $0.

I am not knocking you at all just venting about the ridiculousness of cc insurance.

[luvnspnful]

update!

hello...... me again . Things are lookin' up. Since my last post I have paid:

visa: $818.21...new balance:$7500

amex: (made a few purchases totalling $323- two CRA monitoring services plus some clothes/shoes for the kiddo, and mother's day), and 2 payments totalling $569.01....new balance :$5198.

LOC: $250.....new balance $2600.

DEBT GRAND TOTAL: $15298 ....in just 5 wks I've shrunk it 2k!!!

COOL STUFF: RBC visa autoCLI 'd me to $13500, TDVisa auto CLI ( just yesterday!) to $7k, plus they gave me a $3k O/D on auto.

I found a deal for a 0% card/12 mos that I applied for and think I will be approved for (since they called me at work to verify phone #s and stuff) that I will BT the Visa and Amex to.

thinking my credit score is going up up up

[Aleta]

You are really doing a head's up job and I'm glad that you are on our forum. We have so many people with a lot of information. We each help one another in our own way. Sometimes it's just listening or encouraging but it's always a headsup for the people here.

[luvnspnful]

Thank you Aleta, very sweet of you

I love this board, it's so nice to find a friendly place.