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[pats12]

Hi there,

Forum readers have helped with a past credit card question, so here is another.

I now owe around $25,000 in CC debt (14,000 on a zero interest card (until July 2012) and the rest on a 12.99% fixed card)

I owed more a few months ago but took the advice here and put another 8000 on a zero interest card and paid that off, paying $1000 a month total on all cards. I'm down to the $25,000 now.

My next move is to pay everything on the 14,000 like gangbusters before the teaser rate leaves and goes to 14.99%. I can still afford to pay $1000 a month on all credit cards.

My question is this, should I start shopping around for another zero interest card? I'm starting to panic that when July 2012 comes I won't be totally done with the $14,000 and I saw how fast I could pay something down when it was interest free.

But I don't want to be jumping from card to card and just not solving the problem. And I don't want my credit score to tank if I apply again for another zero interest card.

I read the Crushing Debt thread and started feeling the heaves. I would never try to find a way out of my credit card debt and I certainly don't want to dig myself in deeper. I overspent and now I have to pay for my mistake. End of story. I'm just trying to fix it. Any advice on going for a new card or just sucking up the interest would be much appreciated!

[lasquires]

By getting another card, I assume you mean a card that allows 0% on balance transfers. Watch out for those. Sometimes there is a 5% surcharge just to complete the transfer. I cannot say with any authority how applying for an additional credit card would impact your credit rating.

I mostly wanted to say that I think your head is in the right place. You recognize the problem, and you're dealing with it. You have an appropriate sense of urgency about the whole thing, and it seems that you are in no rush to get yourself in deeper or replicate this situation further down the road. As such, I think it's extremely unlikely that you will find yourself $170k in the hole.

Best of luck!

[anon99]

I now owe around $25,000 in CC debt (14,000 on a zero interest card (until July 2012) and the rest on a 12.99% fixed card)
...
My next move is to pay everything on the 14,000 like gangbusters before the teaser rate leaves and goes to 14.99%. I can still afford to pay $1000 a month on all credit cards.

First well done on paying down the credit card debt.  Why are you paying off the zero interest one first?  Does the interest that starts in July retroactive? (I am honestly asking as I don't know.)  To me if you can afford to pay off $1000 a month, I would start with the 13% one since you are paying about $700 in interest between now and then on that card.

If you plan on using the no interest credit card (the next one) as a temporary stop gap and there is no transfer fee, then I would say go for it.  But there are others who will know more as I don't use my credit card a lot.

[whiteknight]

I think you should travel Europe for the summer and purchase a piece of real estate that is declining in value. :)

[lasquires]

I think you should travel Europe for the summer and purchase a piece of real estate that is declining in value. :)

And then take out some loans for a second degree that you don't need and use that loan to pay off your credit card.

/snark

[username2]

Then tap the home equity to do some ridiculous renovations that won't add value to the property. You know, really get inspired by those property shows and add some super customized kitchen with pink floors and fixtures or something like that. Who wouldn't want to pay more to get that awesome unique house later?

[whiteknight]

Do you ever just get down on your knees and thank God that you know us and have access to our dementia?

[pats12]

I do! You guys crack me up. Thanks for the laugh. I read this forum regularly, and never have I been so disturbed by the excess debt in that other thread--mostly the trying to walk away from it part and complete lack of responsiblity. I don't know why this one unsettled me so much.

For the question as to why I'm doing the zero interest one first, I have found that when I know I don't pay interest and can see the amount I owe getting much smaller faster I am motivated to try to do more than $1000 a month. I always do $1000, but I've been even doing mini-pays here and there every time I forgo something and can put another $10 at it.

Good point on transaction fees. I might call my one card with the 13.99 to see if they will lower it. It's the card I've had the longest and I've never been late on it. Might be worth doing before card surfing.