New here....need advice

**mammomommie** · 07-21-2008, 08:51 PM

Hi, I love reading this forum and I was hoping to get some advice.
I am currently attacking 30k in cc debt. My snowball is $700. So we are really making a dent. But a credit card with $6500 on it, just changed my interest rate to 30%!!! I know they could all follow suit if I don't get this paid off asap. What do I do? Please any advice?

**itsahumanzoo** · 07-21-2008, 08:56 PM

I would call the credit card company and argue down that interest rate! That's outrageous!

**mammomommie** · 07-21-2008, 08:59 PM

I did that. They could care less. I don't even know if I could get a loan my credit is so full.

**FrugalMomof3** · 07-21-2008, 08:59 PM

I too would call the CC company about such a SUPER high interest rate BUT if you have been late with payments, I dont think they will budge.... give it a try though and let us know how things turn out!

BTW Congrats on attempting to conquer debt!

**frugalandsimple** · 07-21-2008, 09:06 PM

Hi, welcome to FV! I'd try to keep bugging the credit card company to bring down the interest rate. That's crazy.

**itsahumanzoo** · 07-21-2008, 09:29 PM

In the meantime, attack the card with the highest interest first, and make sure all the rest of them are paid on time. As long as you aren't making late payments, they have no reason to raise your interest, and if they do raise it, it may be easier to ask them to lower it if you're a good customer.

**IamBlessed** · 07-21-2008, 10:17 PM

Welcome to the Village! I don't know if you have another card balance with a lower interest rate, but if you do, have you thought about calling them and asking them about transferring that other card amount over to them without a transfer fee? I have done this a couple of times in the past. I transferred one charging 21% interest to another card that was only going to charge 3% for the balance of the transfer. 18% difference! I don't know if it will work, but it's worth a try.

**homemaker66** · 07-22-2008, 08:50 AM

Good morning and welcome to the family frist of all. I would do a balance transfere ASAP. Boy once you have a cc balance it is SO hard to get out of it. Best of luck to you.

**champagnium** · 07-22-2008, 09:28 AM

Welcome, and while I have no advice, I sure hope you can figure something out with that card!
Try not to get too upset, break it into managable pieces, and address them that way so it's not so overwhelming.
And maybe borrow Shopaholic from the library..it'll make you feel better about your situation

**Mom23boys** · 07-22-2008, 09:59 AM

Hello and welcome to the Village!

If you already tried to lower the interest rate by calling and they would not budge, then I would transfer the amount to a CC with a lower interest rate. If you check around, you can get 0% to 3% interest on transfers. That sure beat 30% interest!