Credit card debt
We have about 20000 in credit card debt and one card has a high interest rate. I tried to apply for a transfer but denied. Should I take money from our money market and pay them off or transfer to a current, lower interest rate card that is current?
Terry Says
Well, the first thing is to get the balance off that high-rate card! I don’t know your entire situation, but if you have the money in a MM account, PAY IT OFF! I hope you’d still have some money left over for emergencies, if you do that. But I’d consider it a semi-emergency to pay over 20% interest on a balance!
Then try to pay double the minimum on the other card every month — and dont’ charge another penny. It will take nearly 3 years to pay off the balance if you can do that — vs 30 years if you only pay the minimums!
