Credit Card Debt?

ankita_chitnis · Apr 25, 2005

We invested in a house in India. Inorder to pay for a portion of the down payment, we stopped paying our credit card payments in full and ended up with about $14000 in credit card debt. The card company is charging 9% interest.

Anyone in similar situation? Is there a cheaper bank loan that I can take to pay off this credit card debt? Any better way to manage this?

sonu · Apr 28, 2005

Try transferring balances to another credit card company...

Hi,

There are lots of credit card companies in the U.S. that are offering 0% interest on APR loans.

You may want to think of transferring your balances from your existing card company to one of those offering 0% interest loan.

shakila · May 11, 2005

Yeah. We have done that. It just increases paper work as you will get mails and statements from them and you need to keep paying a minimum balance every month. But if your current outstanding balance is high and your current credit card interest rate is also high, it might be worth it.

But make sure that you do some research and find out the credit card company that gives you the maximum duration of 0% APR. No point jumping from bank to bank every few months. Avoid that hassle if you can.