Credit card debt
I just watched you on the news and you stated that paying the minimum will take 30 years to pay off. My minimum payment is quite large. Would it be better to transfer part of the debt to another card, then I can make larger payments? Or a personal loan to get this down? Thank you
Terry Says
Well, you are really caught in an expensive trap. If your credit is good, you may be able to transfer the balance, or part of it, to another card that gives you as much as a one year grace period on interest. Use that time to make the double payments. To find the best "balance transfer" card go to www.Bankrate.com. But what you REALLY need to do is get a part-time job and earn extra money to pay down that balance. If you keep paying minimums, not only will it take you 30 years, but you will pay FOUR TIMES the original purchase price in interest!
