How to pay off a high interest credit card?

We have $8,000 debt on our credit card, but we missed a payment on accident and the interest was raised to 29%. They will not lower the interest rate now. We are basically paying interest and can%26#039;t seem to get the balance down. We%26#039;re thinking about 2 options here: getting a personal loan at the bank to pay off the card or transferring the balance to a lower rate card.

1. Approximately how much would the interest be on a personal bank loan on $8000? (anything is better than 29%)

2. Can you recommend a credit card with a high limit and low balance transfer rate or 0% on balance transfers even? (Haven%26#039;t found one yet....checked creditcards.com, but not much help)

Thanks. Please, no lectures about late payments and not getting too many cards. We just need a better way to get this one card paid off. (We don%26#039;t use the card....we%26#039;re just paying on it) And we have good credit btw.

How to pay off a high interest credit card?tax credit

Been there, done that, so am not going to lecture you. Don%26#039;t fall into the trap of getting a 0% credit card to pay off another, because they won%26#039;t give you the full amount and now you have two high interest (in 90 days or 6 months) credit cards to pay off. I went bankrupt, but the laws have changed. If you are healthy and can emotionally handle it, get a second job for whatever days you are off, or a few hours in the evening. Sell your car and buy a cheaper one. Cut out coupons. Don%26#039;t buy anything, I mean anything, new unless it is a Need not just a Want. Get overtime on your job if you can. Do anything you can to pay it off without borrowing more, because that only makes the problem worse. If the interest rate is lower on a reasonable bank loan, go for it, but make sure it is not in anyway adjustable.

One guy said credit cards are just like a loan shark , it should be illegal, but the government likes to make the rich richer, so they let it go on. I%26#039;d say that%26#039;s pretty accurate. When I called the credit counselor she said I could pay for 30 yrs at the minimum and never get it paid off. (mine was three times yours).

The best guy I%26#039;ve heard on financial advice is Dave Ramsey. He is down to earth and practical. (pragmatic)

Good luck!

How to pay off a high interest credit card?

loan

If you still have good credit....apply for another credit card with a 0% (or very low interest) balance transfer option....If/when approved...balance transfer this $8K debt onto the new card.....When you get confirmation of the transfer....cut up the old one with a note to cancel the account....|||Your credit might not be good enough to qualify for a bank loan or a 0 interest rate credit card.

Make yourself a strict budget. Eliminate all the extras -- eating out, new clothes, cell phone, premium cable and internet, etc. Take every penny you can squeeze out of that budget and throw it at that debt.

Find ways to bring in more cash to put on that credit card. Have a garage sale, collect alum cans, get a second job -- pizza delivery has flexible hours.

You can pay off that 8K within 18 months if you work at it.