Overcome by Credit Card Debt

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:57 pm
Post subject: Overcome by Debt! Help!

Jimmy
Date: 5/3/2000 4:52 pm CDT

I would be pleased to receive any comment you might have on my follwoing
situation. About 1 year ago my wife and I purchased a new home in a
relatively affluent neighborhood. We both work and our home selection was
at the high end on the affordability scale relative to our income. We
almost immediately took a second mortgage. I have come to find we have incurred a lot of
credit card debt.
We are responsible, ethical people and will sacrifice to whatever end to
repay the amounts. To do so most economically, I looked to your web page to
find the best way to transfer balances to lower rates (4/28/00). I applied
for several cards offering nice introductory rates and 1 offer a relatively
attractive permanent rate. But my initial replies have indicated that I am
unlikely to receive these favorable rates due to the extent of my "open
credit". Can you advise me on my situation?

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:57 pm

Board Monitor
Date: 5/3/2000 4:54 pm CDT

Thanks for your recent inquiry. I applaud your efforts to take advantage of
low introductory rate offers. I have a couple of questions for you....

1) How many cards did you apply for?
2) Did every card decline you that you applied to?

If so and you are struggling financially...you may want to consider a non
profit debt counseling services such as the one that we partner with (link
below)...

http://www.idebtassistance.com/cgi-bin/RATS.cgi?13479-index.htm

Please bear in mind that, while these type of services can really reduce
your finance charges dramatically, utilizing such services CAN adversely
affect your credit report (this is because some credit card issuers may
report a "slow pay" to the credit bureaus).

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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