Credit Card Debt
I have 5 credit cards, that have high interest rates, and almost at their limits. I’m able to pay the minimum each on time. It’s becoming increasingly difficult. I receive $2,200. per month.
Can you advise me on where I could get help to consolidate, or lower the interest rate, (29%).
Terry Says
Oh,no! You are caught in the “roach motel” credit card trap. Interest builds, and you can’t keep paying the mini8mums.
I have two suggestions for you. Go to www.CreditCard.com and take a look at “balance transfer” cards. See if you can open a new card and roll the balance to a low rate card. But be warned that within 18 months or so the rate will jump back up.
If you want individualized help to deal with these balances, call the National Foundation for Credit Counseling at 800-388-2227. They are trusted, non-profit, and will help you over the phone. But don’t delay because this problem gets worse by the day!
