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Author Topic: Credit Card Debt  (Read 1353 times)

Offline MosheS

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Credit Card Debt
« on: May 05, 2009, 10:20:13 AM »
Does anyone have any good advice on how to deal with a large balance on a credit card? I do not want to call any of these debt solution places. That lowers your credit score and I have great credit. I have never missed or been late on a payment. My APR on the balance is 8.99%. Should I try for a balance transfer with a 0% APR up to a certain date? Any other ideas? Is there any way I can negotiate with them directly to lower my balance or minimum payments without it affecting my credit? Any advice is greatly appreciated.
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Offline Dan

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Re: Credit Card Debt
« Reply #1 on: May 05, 2009, 10:32:20 AM »
I think that the best bet is to try to qualify for a 0% BT.
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Offline Chaim171

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Re: Credit Card Debt
« Reply #2 on: May 05, 2009, 11:21:49 AM »
Few questions:
1. What are your Credit Scores? - FICO Scores preferably?
2. What is your Utilization Rate i.e. the percentage of credit owed on all cards to total of all Credit Limits?
3. What is the length of your credit history - What is the year your 1st account was opened?
4. Do you think that you are about to become unable to make your payments on time?

I hope to be able to give you a better advice once I know this information. However, bear in mind that the rate you are paying now (8.99%) APR is very low and considering that you qualify for a new card (not so sure these days even for people with good credit) with 0% APR Balance Transfer for 12 Months is not a remedy. (Besides, you will most probably have to pay Balance Transfer Fees of 3%, so it is not entirely free).
The best solution is to borrow the money from relatives or friends to pay off the balance & cut back on buying things that you can't afford.
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