HIGH INTEREST CARDS ARE EATING ME ALIVE!!!
Question: >I’ve tried to get new cards at lower rates to transfer balances, but :>have been declined due to credit/income ratio.
Of course. They got you. Why should they reduce rates?
Answer: They can, should, and often will reduce rates and negotiate a payment plan. Why should they? Because the creditors have a lot more to lose from the debtor declaring bankruptcy than they have to lose from working _with_ the debtor. The good news is that AMEX has already dropped my rate from 23.99 to 15.99, and I’m close to getting them to 9.99. All I had to do was call and tell them I was canceling the card due to the high rates. Next I’ll do the same for the others, and try to avoid using a counseling service altogether.
Being thrifty: Like I said, I used these cards to try to save my business. I had made $225k net on $600k sales for three years running, and within a few months I went into the red. The expenses were for advertising and new equipment. It didn’t work. I went the way of most other dot-coms last year. That kind of sudden loss didn’t leave me time to decide NOT to dump a few grand in to try to save a profitable biz.
I DON’T use the cards. That’s not the problem. I have always paid cash for everything, and used the cards for various business and home expense tracking. Paid them off every month until last year.
My car: Yes, it’s actually worth $14-15k retail (just looked it up at Kelly Blue Book), so $9500 wholesale is not so unthinkable.
Home interest rate: It’s 8.375%.
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Filed under: Home Equity Loan
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