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Here's my game plan. What you think?
- Thread starter kevbo
- Start date
nautiboyjeff
Slut
Don't close your credit card accounts, just don't use it. Closing it actually lowers your credit score because part of your credit score is balance on loans and credit available. If you cancel a card and still have loans, your debt ratio skyrockets. Just leave it open and put it in a drawer somewhere or lock it up!
Just to toss a couple things into the hat here...
First off, well done on negotiating the lower rate!
Second, I have to agree with those who say to make the scheduled payments on your car loan and focus on the credit cards. Credit Card debt is known as unsecured consumer debt (bad debt), meaning that there is not asset to protect the lenders and banks; they have no recourse if you default or prove to be delinquent. Your car loan is a secured debt (good debt, which are things like car loans and mortgages) - the banks have recourse because there is an asset attached to that loan.
Focus on the unsecured debt. If you pay that down a fair bit, you may even have a shot at something with less interest from a bank. I'm not sure about practices in the US, but in Canada most banks offer lines of credit that have far better rates than credit cards. I just paid off my credit card at 17.99% interest with a Line of Credit at 4% interest. 4% is the staff rate at my bank, but even Prime plus 2 or 3 will put you below 10% on the LOC. Something to look into when you have less credit card debt and an asset or two to your name.
First off, well done on negotiating the lower rate!
Second, I have to agree with those who say to make the scheduled payments on your car loan and focus on the credit cards. Credit Card debt is known as unsecured consumer debt (bad debt), meaning that there is not asset to protect the lenders and banks; they have no recourse if you default or prove to be delinquent. Your car loan is a secured debt (good debt, which are things like car loans and mortgages) - the banks have recourse because there is an asset attached to that loan.
Focus on the unsecured debt. If you pay that down a fair bit, you may even have a shot at something with less interest from a bank. I'm not sure about practices in the US, but in Canada most banks offer lines of credit that have far better rates than credit cards. I just paid off my credit card at 17.99% interest with a Line of Credit at 4% interest. 4% is the staff rate at my bank, but even Prime plus 2 or 3 will put you below 10% on the LOC. Something to look into when you have less credit card debt and an asset or two to your name.