Unanswered Questions

I Owe $22,000 On One Credit Card and Now Want to Get Rid of It. – George

Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here.

“Dear Steve,

I have $22,000 of credit card debt on one credit card that i want to eliminate or drastically reduce as soon as possible. i am making much more than the minimum payment now. The card has an 8.99% variable APR. The minimum payments have been over $400 for a long time now.

I just received an offer from my mortgage bank offering me a 3.74% variable APR equity line of credit. Would it be smart and save me a lot to switch my credit card balance to this and keep paying higher payments or am i better off continuing to pay down the credit card? Thank you very much!


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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