Credit Cards

Doing all your spending on a credit card is very risky. It is way too easy to start carrying a balance.

I am digging my way out of them slowly right now.

 

I never carry a monthly balance (knock on wood). And watch out for that late fee; it can sneak up on you.

 

Wo...meant end of the month! Big difference!

 

You should call them and ask them to lower your rate. If you have to, tell them that you have an offer from another credit card company for a lower balance. You probably get those offers in the mail. If you tell them that you are going to open a new account and transfer the balance. They will usually work with you and lower the balance. Or you really could get a new card with a lower rate and transfer the balance. I think 12% is high if you have been paying on time.

 

I'm afraid to cut it up in case of another emergency. The minimum is $10 dollars.

Thanks WW. Any cards with lower rates that you would suggest?

 

Holly, try this site to check out a few cards: CreditCardGuide.com

If what you said is correct about your payment history your current provider should work with you. If not, that website gives you many cards to from which to choose.

 

Thanks VA! I added it to my favs. That's an awesome site and there's even a card that has NO APR AT ALL! thank you so much!

 

Make the minimum payment on it for a few months and use the money you keep to establish an emergency fund in a savings account.

 

Wouldn't the extra interest negate the money put into the savings account?

 

There's plenty cards that with a new account will let you xfer a balance and charge 0% interest on the xferred amount for 6-12 months. If you did that, your monthly payment would all go toward the principle for that period and possibly give you time to get caught up. That is of course if you don't use it for more purchases.