Hey PF…
I'm getting fed up with paying my credit card bills every month and seeing how much of it goes to interest. In all honesty, I've been completely careless with my credit cards due to my parents needing help and my little knowledge of credit and credit cards. I need help planning on how to tackle this giant debt.
Currently I have 4 credit cards that add up to ~$10,500:
• Amex @ 21.9% • Wells Fargo (credit card) @ 16.15% • Wells Fargo (line of credit) @ 20.4% • Navy Federal (credit card) @ 18.0%
I have only been making the minimum payments because I couldn't afford anything more. I've recently got a new job that may allow me to pay a little more but as you can see, a chunk of my payments go to interest. My credit isn't bad at all and I have not been denied a loan or credit card ever but I know that doesn't mean I never will be denied. My plan is to apply for a higher limit credit card (if approved) that has 0% interest for X months and 0% interest for balance transfers for X months. I'm currently looking at one card that is 0% for 15 months which equals at about $700 per month but I can possibly do $800 a month to cut it down quicker.
I have not tried to call and negotiate my interest rate with any of my cards either.
I guess my question is, is this the best way to tackle this debt?
Edit: added some more details. Please feel free to message me for any other info!
Submitted August 16, 2017 at 07:27AM by DraxDemSklounst http://ift.tt/2vDgyF8
