Ask Jean: Shopping for Lower Credit Card Rates
Hi Jean,
I watch you all the time on channel 4 news. I like the way you answer everyday questions, rather than Suze Orman. I am thinking about your debt free diet. Right now I have a question regarding what else! Credit Cards. I just applied at my local credit union for a card at a lower finance rate to consolidate another card I have which I pay $100 a month and the interest takes up half the amount. I do have some cd’s that I can cash in to pay off. I do not use them but I did not close them. I do not have much left in life as far as savings goes. Help Please – MaryAnn
Hi MaryAnn,
Thanks so much for watching. You did exactly the right thing — when our interest rates are too high and our current creditors won’t lower them, we look for lower interest rates in the form of a balance transfer somewhere else. If that credit union doesn’t have a card for you, go to lowcards.com and look for a card there. They have a listing of hundreds (maybe more than that) that is up to date and very useful. Don’t use all of your savings to pay down your debt though. I want you to have that in case of emergency. Just try to make a little more headway by trimming some of your monthly expenses and putting the extra dollars against that credit card debt.
