I apologize for being so long winded, but i truly need advice.
I have been slowly paying down bad debts from the past. I currently have 3 large credit cards and 1 small(that i will be paying in full next month). My credit score is a 702.
The cards are capitol one, discover and providian. Capitol one is my largest at 7300 with a 10.9% interest rate. Discover is 4800 with a rate of 5.9% till 2010. and Providian is 5100 with a rate of 7.9%.
Now i am maxed out basically on C1, i keep paying and then using. i have 10,200 available credit on the other two. I am unable to pay larger amounts at this time because my husband recently lost his job and had to take a job making less money. So i right now take care of household items.
Discover is offering a 1.9% balance transfer with a 3% fee til july 0f 2009 and at that time will jump to my purchase rate of 17.9 and Wamu is offering a variable rate of 6.5 for life of balance with a 5% fee to transfer(they seem to be the only one who is so high to transfer).
My question is do i split up C1 onto the other two cards to eliminate it? Worse came to worse I would leave C1 open and come jluy of next year see what kind of balance transfer option they have to transfer discover back to it. Minimum payments on Disc and prov would jump from 110 to 180 and 190 i added 10 dollars to each payment as i never pay the minimum.
I am just trying to find the most intelligent way to pay down my debts with what i can right now. yes my debt is great and it does become over whelming at times but there is no immediate fix and i just need to keep attacking it and stop using my card. However some times that is almost impossible(at least its not for frivolous stuff, just usually groceries and gas if desperate.)