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I am currently about 11k in debt on a credit card. Last year I was at over 14k in debt on this card and could not make any ground toward paying it off.
I looked into and decided to do a balance transfer, but only received $1200 to transfer, even with a credit score over 700. While it was a little help, it also seemed like a slap in the face. Is this normal to receive such a low offer? When I read into them, I saw that you cannot tell what you will get but most people can get between $5000 and $10000. This is what I was hoping for.
So I've been paying $100 towards the balance transfer card and paying about $600 towards my actual credit card each month. With over $200 in interest fees each month it makes it tough to pay the card off. Plus I am not able to put money into savings, which I currently only have about 400 in. It worries me that a major expense (car or house repair, etc.) will really set me back since I cannot save. I want to put money into savings so that doesn't happen, but that means making minimum payments on my credit card.
In the fall, I will be making more at my job where I figure I can put at least $400 into savings and $600 towards my credit card each month.
However, I want to look into another balance transfer, but am worried I will get a low amount like last time. Has anyone had success with balance transfers or know anyone who has? Also, is there anything I can do to ensure I could get $5-10k for a balance transfer this time?
I feel there's much better ways to pay down credit cards other than just making monthly payments because the interest kills me.
If there are any suggestions, or if there's a better method possibly (debt consolidation, personal loans, etc.) I would appreciate it. I'm just looking for ways to pay off my card easier without so much interest.




I would suggest that if you're facing difficulty to repay your loans in full, you can opt for debt settlement. Since you're saying you don't have any savings, you need to save a significant amount every month. For that, you need to get rid of your credit card debt early.
When you enroll in a settlement program, you just have to pay an agreed upon amount to the settlement company every month. All other things will be taken care by the settlement company.
A $14,000 debt is quite a big amount since you're not able to repay it entirely.
Check this out: https://www.debtconsolidationcare.com/debt-settlement.htm l

Sub: #1 posted on Tue, 05/19/2020 - 23:53

Mabelle Page Mabelle Page

(Posts: 271 | Credits: )

Thanks for giving such a detailed explanation of your problem. Yes, it's unfortunate that you really got a small amount on your balance transfer card. The reasons can be many. The first reason can be that you didn't have enough credit to transfer. The second reason can be that the credit card company doesn't give more than this amount.

Anyway, instead of taking out another balance transfer card, you can do one thing. You can enroll in a debt consolidation program to pay off your credit cards. The problem is the high-interest rates. That is eating your savings, A debt consolidation program helps to lower your interest rates. So, you can really save money. Why would wait until fall? Frankly speaking, after the pandemic, everything is uncertain. So, it's better to not plan anything based on the future.

Sub: #2 posted on Wed, 05/20/2020 - 00:03

David Martin David Martin

(Posts: 320 | Credits: )

You should consolidate your debts to make it more simpler.

Sub: #3 posted on Fri, 05/22/2020 - 04:59

sanderspatricia29 sanderspatricia29

(Posts: 1234 | Credits: )

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