Comments on: Balance Needed As Credit Card Rules Experience Change http://blog.creditkarma.com/credit-karma/balance-needed-as-credit-card-rules-experience-change/ A blog about the trends in credit and credit related industries Wed, 28 Jul 2010 19:22:08 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Welcome to the Carnival of Credit Report Stories | Rich Credit Debt Loan http://blog.creditkarma.com/credit-karma/balance-needed-as-credit-card-rules-experience-change/comment-page-1/#comment-1305 Welcome to the Carnival of Credit Report Stories | Rich Credit Debt Loan Tue, 11 Nov 2008 01:37:19 +0000 http://blog.creditkarma.com/?p=480#comment-1305 [...] Karma presents Balance Needed As Credit Card Rules Experience Change posted at Credit [...] [...] Karma presents Balance Needed As Credit Card Rules Experience Change posted at Credit [...]

]]> By: San Francisco Certified Financial Planner http://blog.creditkarma.com/credit-karma/balance-needed-as-credit-card-rules-experience-change/comment-page-1/#comment-1273 San Francisco Certified Financial Planner Wed, 05 Nov 2008 20:11:24 +0000 http://blog.creditkarma.com/?p=480#comment-1273 Great article and good advice - as the market tightens, it is important for people to pay off those credit cards. My 2 suggestions: 1) Make it a regular practice to call your credit cards to ask for a lower rate. I have one client who owes over $20,000 on a Visa that was at 18%. He spoke with a 'rate specialist', touting his rising credit score and declining balance and got his rate cut in half, from 18% to 9%! His monthly interest charge was instantly reduced by $150, which will help him pay off his debt even sooner. 2) If you credit card debt across many cards, and you have one credit card with a small outstanding balance, pay it off first even if it is a lesser interst rate. Having one less card on the list does wonders for your mental state. Great article and good advice – as the market tightens, it is important for people to pay off those credit cards. My 2 suggestions:

1) Make it a regular practice to call your credit cards to ask for a lower rate. I have one client who owes over $20,000 on a Visa that was at 18%. He spoke with a ‘rate specialist’, touting his rising credit score and declining balance and got his rate cut in half, from 18% to 9%! His monthly interest charge was instantly reduced by $150, which will help him pay off his debt even sooner.

2) If you credit card debt across many cards, and you have one credit card with a small outstanding balance, pay it off first even if it is a lesser interst rate. Having one less card on the list does wonders for your mental state.

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