I am someone with good credit in that I have never missed a payment on any credit card. However due to a former job, broken promises and poor planning I am now stuck with high credit card debt.
13.5k on one card with 19.95% interest
5k on another card with 13.99% interest
I have stopped using both credit cards and look only to pay them off as soon as possible. I now have a better job and much less expenses and therefore could afford to pay 1 to 1.5k a month in addition to the minimum payment on these cards.
My question is how to pay a lower interest rate? I have tried speaking with the credit companies and they will not lower the interest rates.
Therefore it would be great to do a balance transfer to another card with a lower interest rate or even better yet an introductory 0% APR. However no new credit card companies will issue me more credit because I am already so leveraged.
Where do I go and how would I explain to them that I am simply looking to pay a lower interest & stop using the cards all together so that they will accept me for a high enough limit – at which time I simply cancel the other cards?
You would think the credit card companies would be interested being that I am never missed a payment in years (regardless of how high it was) and they would simply be enjoying the interest payments rather than the current card although lower, it shouldn’t matter to them.
Where do I go? Any suggestions in lowering the amount of interest I am paying?
Much appreciated!