Hello Terry, I think you are Great, why didn’t we grow up on the same block ! I have found myself in high credit card debt. I am not panicking as I know I can send 1,000 to 1,500 payment monthly. (we incurred excess medical bills, over the past year and my c.c. payments have been lower while using the cards more) The main balance I am hoping to transfer is 7,000 with a apr ridiculous rate of 23.99%. I have spent the afternoon researching credit card offers to transfer balances. It’s scandalous, transfer offers for a apr of 24%. I still have a old credit card with a 8% Rate, my other card is a 12%. I cannot transfer to that card though as it’s Chase to Chase. Can you point me in the right direction? I am shocked and applauded, even with good credit the normal rates are 19 to 24% now. I do need to transfer to a low or no interest deal for how ever many months may be offered and I’m not finding any. thank you!

Terry Says:  Those credit card balance transfer offers are appealing, but the devil is in the details. If you owe money on a high rate card from one issuer, they are not going to give you their balance transfer deal!  Have you checked the offerings at Bankrate.com?  Here’s a link to their best deals.  But as you well know, transferring a balance is just delaying the day or reckoning.  (The banks are counting on that!)

Do you know the simple formula for paying down credit card debt in three years.  Just take the CURRENT minimum monthly payment, double it — and pay that this month, and the same amount every month.  In the meantime, DON’T CHARGE ANOTHER PENNY ON THAT CARD!   If you follow this formula your card will be paid off within 3 years.  Do it with one card at a time if you can’t do it with all of them.  And remember, don’t use double the next month’s minimum.  You must use the same amount every month — double the CURRENT minimum.