Posted on
January 26, 2009
at
8:23 am
I have about 7 credit cards total. 4 of them have balances. I have received notices from two of them that my interest rate is going from 7.99 and 9.99% up to 13.99 and 14.99%. I have the option to cancel them and keep my current rate and just pay off the card. That is fine with me because I don't plan on using them anymore, but I know that you shouldn't cancel cards because that lowers your amount of available credit. Should I cancel them or just stick it out and pay the high interest rate? They both have high balances so it will take a while to pay off. Thanks!
Posted on
February 1, 2009
at
2:41 pm
Well, those are two options, but there is a third option. You could try applying for a new credit card with a lower interest rate, then transfer the balance for them to it. A lot of credit card companies will allow you to have 0% financing on transferred balances for 12 months. The catch with this is that you have to have them paid off by the end of the 12 months, or it will go back and add in the interest rate for the 12 months. Hope this helps. -- Joshua
Posted on
March 28, 2009
at
3:24 am
Yeah, it's a good idea to return extra credit cards.
Posted on
March 30, 2009
at
5:43 am
I think you must return few credit cards!
Posted on
March 30, 2009
at
10:45 am
i think you should cut off 5 of your credit cards so that it would be easier to manage......
Posted on
March 30, 2009
at
1:25 pm
How do you manage with 7! I am having sleepless nights with just 2! I guess pay off the 4 and the ones on which you dont have any balances, just return it.
Posted on
March 30, 2009
at
1:50 pm
According to my view, u must return those cards because paying such a high interest rate is not a wisdom. U can again apply for cards starting from scratch.
Posted on
March 31, 2009
at
3:00 am
I think you should return some cards to bank and have only one with maximum limit.
