r/personalfinance•
TwoGunz

(CAN) how do i reduce my interest payments?

Debt

I've gotten into a fair chunk of credit card debt. I didn't realize how bad it was until the last few months. Need to do something about this.

I got a promo call from my credit card company offering me a line of credit. I moved $5K of my credit card debt into that, which was the full amount. I'm paying approx 7% interest there.

I recently asked the line of credit if they could increase it. They said they could but the interest rate will become higher, not just for the new amount I borrow, but also for my existing LOC amount. So that sucked.

What's my optimal option to bring down my monthly interest? I've sometimes seen offers for balance transfers. Is that the best option? Or are there any other cheap LOC's I can get?

Sorry about the basic questions. I'm fairly new here. I've read the FAQ and learned some good stuff from there. I didnt see the answers to these questions though.

I'd be very grateful for advice.

Thanks!

Posted Jun 17, 2017, 10:21 AM UTC

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