U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-17-2016, 05:23 AM
 
Location: Central NY
4,662 posts, read 3,241,188 times
Reputation: 11932

Advertisements

Quote:
Originally Posted by PAhippo View Post
yikes!

I normally don't recommend playing the credit card game but if/when you get one of those credit cards offers to roll over a current balance to a new card at a lower rate, you might take it. Read the fine print of course but even if the special rate only lasts a year, that's a year of lower interest paid.
I've done that twice. But because of my debt, a "new" credit card company won't transfer the entire amount over. So I have ended up with 4 cards instead of 2. It's very crazy.

I don't know how the government that recently raised the interest rates expects someone who is making an effort to pay off their cards to be successful at it. I'm determined to get them paid but I have my moments when I think it is impossible to do. My income has not increased substantially to meet the challenge.

No wonder there are so many credit card counselors offering to help. The problem is they want their chunk of change to help.
Reply With Quote Quick reply to this message

 
Old 02-17-2016, 08:01 AM
 
Location: Close to an earthquake
890 posts, read 676,946 times
Reputation: 2390
You haven't asked for this suggestion but I'll share it nonetheless. These financial institutions have no incentive to negotiate with you if you're not in default. On their financial statements, your loans are performing and that's good enough for them.

Now assuming delinquency (not saying BK or anything like that per your request) is not an issue for you and the impact it might have on your credit score, you'll find much more interest in these financial institutions of working out a deal with you because your delinquency will change your loan balances from performing to non-performing and that doesn't make their financial metrics look good.

I've had several clients get amazing loan restructuring deals once they became in prolonged delinquency and I'm not talking about debt cancellation (although I do have some amazing stories there) but improved interest rate terms.

I wish you the best.
Reply With Quote Quick reply to this message
 
Old 02-17-2016, 08:16 AM
 
Location: Great State of Texas
86,093 posts, read 72,489,649 times
Reputation: 27565
Quote:
Originally Posted by PAhippo View Post
yikes!

I normally don't recommend playing the credit card game but if/when you get one of those credit cards offers to roll over a current balance to a new card at a lower rate, you might take it. Read the fine print of course but even if the special rate only lasts a year, that's a year of lower interest paid.
Those low introductory rates are only good if you plan to pay off the balance during that time period.
One the introductory rate period is over the regular rate is usually higher than other cards without introductory rates.

The banks always make their money one way or another.
Reply With Quote Quick reply to this message
 
Old 02-17-2016, 08:18 AM
 
Location: Great State of Texas
86,093 posts, read 72,489,649 times
Reputation: 27565
Quote:
Originally Posted by NYgal2NC View Post
Anyone who has read my posts knows I've got a problem with credit card debt (along with a couple of loans).

I've been wanting to find a way of getting some assistance with paying it. No, I do not mean have the debt magically disappear. I'm more interested in paying my bills since I am the one who created them. I am not interested in comments re going bankrupt. Also, since the interest rates on my two loans are low, I will not be getting help with them, which is fine with me. I know in four years they will be paid off.

I have talked with someone from American Consumer Credit Counseling and find their suggestions and written information to be very interesting. I will have a followup call on Monday to make a decision. Their help would consist of greatly reducing the interest I am paying on these credit cards.

The woman I spoke with agreed that I am living on a pretty tight budget and going with a reduction in interest rates would free up some extra cash so I can breathe a little easier.

Have any of you had to do this type of thing? And if you have, were you happy with the result?

Any suggestions/ideas?

Thank you.
Can you borrow from family to pay off the cards and then pay them back ?
Reply With Quote Quick reply to this message
 
Old 02-17-2016, 08:31 AM
 
Location: Central NY
4,662 posts, read 3,241,188 times
Reputation: 11932
Quote:
Originally Posted by HappyTexan View Post
Can you borrow from family to pay off the cards and then pay them back ?

It would be nice. Small family. I'm probably in better shape than they are.

Sad.
Reply With Quote Quick reply to this message
 
Old 02-17-2016, 08:42 AM
 
Location: Idaho
1,452 posts, read 1,153,939 times
Reputation: 5482
NYgal2NC,

You may want to read this article to see if this could be another way to pay down credit card debt

Should You Use Peer-to-Peer Lending to Pay Down Credit Card Debt?
Reply With Quote Quick reply to this message
 
Old 02-17-2016, 10:38 AM
 
Location: Backwoods of Maine
7,110 posts, read 8,150,955 times
Reputation: 18746
Have you looked at Dave Ramsey's "Baby Steps" plan to get rid of cc debt? Many people have had success with it. You may need to cut way back on expenses for awhile to do this. But then, I assume you are not out buying 'stuff' anyway. Dave Ramsey's web page:

The 7 Baby Steps - Begin Your Journey to Financial Peace - daveramsey.com
Reply With Quote Quick reply to this message
 
Old 02-18-2016, 03:09 PM
 
Location: In a vehicle.
5,026 posts, read 3,213,089 times
Reputation: 8217
Quote:
Originally Posted by NYgal2NC View Post
Anyone who has read my posts knows I've got a problem with credit card debt (along with a couple of loans).

I've been wanting to find a way of getting some assistance with paying it. No, I do not mean have the debt magically disappear. I'm more interested in paying my bills since I am the one who created them. I am not interested in comments re going bankrupt. Also, since the interest rates on my two loans are low, I will not be getting help with them, which is fine with me. I know in four years they will be paid off.

I have talked with someone from American Consumer Credit Counseling and find their suggestions and written information to be very interesting. I will have a followup call on Monday to make a decision. Their help would consist of greatly reducing the interest I am paying on these credit cards.

The woman I spoke with agreed that I am living on a pretty tight budget and going with a reduction in interest rates would free up some extra cash so I can breathe a little easier.

Have any of you had to do this type of thing? And if you have, were you happy with the result?

Any suggestions/ideas?

Thank you.
CCC is known as the "Collector" for the CC companies. They can't get ALL the CC's to drop interest, but they do get most to do so....

I DID go to them, they got all but one cc to drop interest. But 3 months later, I had lost job so off to the BK court. So there went credit for awhile....
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top