Credit Card Wooes please help?

Question

Ok so I received a credit card from Capitol One a year ago with a credit limit of 5000. I was really good about paying off the balance the 1st 6 months and then I made a mistake of funding a fundraiser that I ended up getting burned on. I have zero percent interest until Oct and my balance is almost maxed out. I know I will not be able to pay it off by then. My credit isnt the greatest and I dont think my chances are very good in getting another card to do a balance transfer on another zero percent. I was wondering if it is possible to request an extension on the zero percent interest rate and if they would actually do it? Another idea I had and I dont know if this is possible....but if my husband got a card from them with a year of no interest....would I be able to transfer my balance to his card?

Answer 1

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again.  Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending!  It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt.  Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest.  Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!

Answer 2

The answer to your problem is not more credit cards or transferring  balances.

Not sure why you would use personal funds for a fund raiser - not very smart. Don't do that again.

Join a credit union and have your check direct deposited. Then, before your time is up on the card get a loan to pay it off. And use the money to pay it off. Then, close down the credit card account and don't get another one until you have the loan paid off.

You have to get your spending under control and make better financial decisions.

By the way, one late payment can also throw you into the higher interest rate. Just suck it up and get it paid off ASAP and learn from your mistakes.