Credit card debt and consolidating or transferring the debt?

i have around $10000 in credit card debt. the ridiculous thing is, my interest rate has steadily gone up to almost 30%!!

i need some better options here, because the debt is not going down, and i%26#039;m just making interest payments every month.

if i were to apply for another credit card with a lower interest rate, and the transfer the debt to this new card... is this a viable option?

does anyone have other suggestions?

thank you

Credit card debt and consolidating or transferring the debt?

Transferring the debt to another lower interest card would work only if you can be sure to pay back more than the minimum each month so that your debt goes down. The danger is that with your payments lower, you keep on spending!

Alternatively, you could ask your bank if they would give you a loan to repay the card. The rate of interest would be lower and you could pay the loan back over 2-3 years.

If that isn%26#039;t possible and you are in deeper financial trouble, then you should seek help with managing your debt. Have a look at this website which has sources, links etc. that could help you find a debt consolidation solution to fit your needs.

Good luck!

Credit card debt and consolidating or transferring the debt?

Yes, balance transfers work as long as the rate is guaranteed for the life of the balance transfer debt. You can liquidate the debt much more quickly at a lower rate.

Credit card debt and consolidating or transferring the debt?

Stop paying the minimum....control your unnecessary spending and put it all on your debt. Jumping cards is only going to cause you more problems.

Credit card debt and consolidating or transferring the debt?

Hi,

I get your point

I think you should try http://www.subscriberpoint.com/search/in...

There are some links that may help you

I hope that helps

Regards

Abhinav