I'm in a quandry here. I got a cut in pay so my monthly payments is now a bit burdensome on my budget. I owe about 7,000. My monthly payments are running at about 300 per month and I'm down to paying the minimum amount each month. On some of these cards the monthly fees, the cost of paying online (which I can cut out) and interest almost eats up about 65 percent of my payments so not much is taken off the principal.
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I was wondering about getting a new card and transfering the balances to this new card, if I can even qualify for one now. I figure at about 6,000 my payments would be about 150 per month? Due to some of the information I received here I've been able to clean up my credit report pretty well, so that's not a problem now.
Does this sound like a good idea? I'm questioning myself about this because in the past my financila decisions haven't worked out too well for me. so I wanted to get some opinions.
Message Edited by belverbears on
01-10-2008 08:24 AM
