Need help from the financially saavy

[yankeepants]

I have a chase/amazon credit card with approximately $3,900 on it (out of necc.) @ 18% (suck). My credit is good, probably not great. I also have some bonus on it for merchandise etc. They will not lower my int rate.

Are there any cards or plans out there that can help me refi lower? I always pay my bills although the last year of unemployment has caused a couple of slow pays nothing over 30days.

Any help would be great. I am in the process of hunkering down for winter: Baking my own bread, cutting wood, fixin'to eat the cats (ok kidding).

Thanks in advance.

Ypants

[Chan790]

1. Talk to your bank or credit union.

Almost always offer the lowest non-introductory CC rate you're going to find, especially if you're a long-time client. No frills, no bonuses. Just a card with a low rate. Most will let you refinance current CC debt. If they approve you for less than you need, ask to speak to whomever has authority to authorize a higher-line (usually not the branch manager, typically the regional manager meaning you'll need to make an appointment and make a second trip.) and tell them explicitly that you are looking to refi current CC debt onto a lower-rate card and (this is key) close the other lines of credit...the main reason we offer a client less of a line than requested is that they already have more credit than they should. This tells them that you're not looking to expand credit, merely shift it to them.

Edit: This is probably obvious but I'm a banker.

Edit2: I didn't see that you were open to non-CC refi options. Don't go CC unless you have to, the rate are much better on just about any type of secured loan (meaning: collateral, typically home-equity) and are at historically-low rates.

[yankeepants]

4. Thank you

So much great information. Just feeling frustrated.

[Crankie Avalon]

2. Google "debt consolidation" and see what comes up...

...does your workplace have a credit union?

If you can't pay off $4,000 within the next few months, you should find a place that will give you a loan for enough money to pay off your 18% debt, at a rate lower than 18%, with no fees that will wipe out the difference.

Many credit card companies will offer 0% for the fitst six months. See if you can switch your debt to one of them, provided you aren't locked into sticking with them after the six months are over. Move on to another 0% six month introductory card and repeat process till you are paid off. So long as there aren't hidden fees for cancellation, initiation, etc.

These are some ideas. The credit union one would be best (least likley to have sleazy "fees" that you have to watch out for), but not every workplace has that.

EDIT TO ADD: and obviously, cancel the 18% card once you move the debt to someplace more reeasonable.

EDIT AGAIN: Sorry, must've not seen the part where you mention being currently unemployed. Unfortunatley, that WILL make loans harder to find. It's most likley why your current credit card won't give you a better rate. Maybe you have parents or other family or friends willing to make a personal loan to you at alower rate of interest. Good luck.

[yankeepants]

3. I have an employed husband

I am thinking after all this good imput that we should probably go to the credit union and have him get the loan. The house is in my name. I refied in 2008.

What do you think?

[Crankie Avalon]

5. I would definitely try whatever I could to pay less than 18% on a debt of $4,000 for me or my spouse

The credit union should be the one to give you a good rate AND not soak you with bogus fees. I'd look into it.

[yankeepants]

6. Thanks I'll be on it tomorrow n//t