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.
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