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My Credit Sucks

So this weekend, I discovered that because I missed a single payment, all of my credit cards shot my interest rate on my existing balance to 33%. I immediately called the credit card companies. I got the usual runaround. “We’ll let you know in a few days.” When I finally get my snail mail telling me what my new rate is, it will probably only be lowered by a few points. So based on the advice I have been given, I have these choices:

1. Go through the credit union at my work and get a loan to consolidate.

Pro: Offer better rates than you would find at a bank.
Con: It takes a while to apply for a credit union, then I have to wait for the loan approval, if I get approved at all.

2. Go to a competing bank and secure a debt consolidation loan.

Pro: Quick answer and service.
Con: Don’t get a rate like you can get with a credit union.

3. Find credit cards that offer 0%  or low rates on transferred balances.

Pro: Quickest and easiest method.
Con: Risk of getting roped into using credit more with a new card.

One Comment

I suggest the Credit Union route. It’s slower but worth it. You’ll pay much less in the long run and have an established relationship with your local CU.

What Do You Think?

 
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