Mudcat Café message #3027014 The Mudcat Café TM
Thread #133233   Message #3027014
Posted By: Stilly River Sage
08-Nov-10 - 04:18 PM
Thread Name: BS: Nov 2010 Declutter & Exercise reports
Subject: RE: BS: Nov 2010 Declutter & Exercise reports
Whew! Executive decision. Paid a bit over minimum on one credit card I owe the most on, but with the lowest interest rate in order to send a second payment this month to pay off the card that has the highest interest rate: I don't fool with this one for their points now and this was an amount I could get this out of the way. (I have another similar one, but no interest in the first year, so it's the one to leave alone).

To avoid a hit to my credit I haven't closed the card I paid off today. I use it every few months for some big item I have to buy and pay it off over a few months. The last expert discussion I heard about this (no doubt on an NPR program) said it's better to keep even the high interest ones and keep them happy with sparse usage than to get completely rid of them. So, I just paid off the tires I bought in August. That card is the most toxic of the ones I have, it used to be a great very low interest rate but with the banking changes they doubled their interest rate (it's still lower than many, which tells you just how great the rate was before!). They also have really awful penalties if you're late. There is no grace period whatsoever after the due date. If I get another card from a local credit union, then I will close this.

That's my unsolicited credit counseling (in the "do as I say, not as I do" department, or I wouldn't have any debt to begin with.)