Ask Terry Questions Credit Card Debt (my daughter’s paying 28%!)

Credit Card Debt (my daughter’s paying 28%!)

By Terry Savage on September 20, 2023 | Credit/Debt

Hi Terry,
You have provided your advice in the past and I’m an avid WGN listener.
My question: My daughter started to accumulate credit card debt when she lost her job in December 2019 right before the Pandemic. She is a graduate of Columbia College/Chicago. She landed a new job the first week of March 2020 (remains there today)and I would say she started getting paid at the end of that month. She did work as much as she could doing food service/low paying jobs until she secured her current job.
She has about $10k total on 2 chase credit cards (28% interest on ea.). She is just running in circles. Her FIco score is 604 and is unable to get a 0% balance transfer.
Looking for advice on best way to get them paid off. Of course she had student debt to pay off and that will start soon. We did work with Rae Kaplan and she consolidated her student loans into one.
Thank you,

Terry Says

Oh, this is an ugly, deep hole. And others will follow her into it if we go into a recession. In this case, I’d recommend a balance transfer card. That could give her about 12 months with no interest payments. BUT if she doesn’t use this time to pay down and make a big dent in the amount owed, the rate could get even higher.

Here’s a link to the best deals on balance transfer cards:</
If she is current on her payments and her credit score is reasonable, this is the best way out.



a personal
finance question