Credit card work

Well, here's the deal. I have been paying more than the minimum on all of my credit cards. But Pay It Down! (see book list, right side of this page) says put all that extra money on the card with the highest interest. It makes sense if you think about it.

The first step in reducing credit card debt is to see if you can get the card company to lower the interest. The book includes a script I can use when talking to the representative. It says, though, to have another card offer in front of me (because the script starts by saying X company is offering me Y interest...). If I get an offer for a card in the mail I check out the terms and if they are favorable (in comparison to the high-interest card) I can use that as the alternative card. If not, I can go to BankRate.com (one of my fave places) to hunt down another card that's good for balance transfers.

I don't have an offer in front of me. I've been too quick to shred those. So I went to BankRate.com and used their program for finding the best card for a balance transfer. I got three results. My next step is to apply for one of these three. That's today's goal, folks.