Getting rid of Home Depot Credit Card- HELP!

Liss · 02-08-2008, 11:13 AM

A note from one of our Members:


I suddenly find myself in worse financial shape than I thought. We live in Michigan, my husband is a seasonal worker, and our only source of income is my massage business. We went to our credit union two days ago to see if they could help us get through the next couple of months and were told our second mortgage note had ballooned. I was devastated. I was mistakenly under the impression that this particular loan was a 30 year. We also have a 3rd mortgage and two car payments. We've been working toward a healthier financial situation, but the economy and rising expenses were crippling this last year. My husband and I have been brainstorming as to how to fix this and plan to call everyone we know who might be able to send work his way, or help us get through.

I've spent a lot of time at the budget101.com site the last two days and have a question that I didn't find an answer for yet. We have a credit card (Home Depot that we kept for emergencies as we live in an old farm

house) with an $8000 balance and an almost 20% interest rate. Do you have a recommendation for a credit card company we could transfer the balance to?

I've already told my husband we will, without a doubt, be tearing up the card. I can't tell you how many times we've been caught in the Home Depot trap. I've learned we just can't use credit cards. Home Depot is our last one.

Any advice, suggestions, links or information is greatly appreciated.

pooh5497@yahoo.com> · 02-08-2008, 11:29 AM

Have you called them to lower the interest rate? A

lot of times just calling them and saying you are

looking into transfering balances (even if you aren't)

and wanted to know what the lowest interest rate they

can offer would be. MOST of the time, they will lower

it in fear of losing your account.

Amy

--- Liss <liss@budget101.com> wrote:

> A note from one of our Members:

> I suddenly find myself in worse financial shape than

> I thought.

Karen Pierce · 02-08-2008, 12:29 PM

I did this with Discover...and they lowered it for about two months before sneaking it back up again. KarenP

pooh5497@yahoo.com wrote: Have you called them to lower the interest rate? A
lot of times just calling them and saying you are
looking into transfering balances (even if you aren't)
and wanted to know what the lowest interest rate they
can offer would be. MOST of the time, they will lower
it in fear of losing your account.

Amy

--- Liss <liss@budget101.com> wrote:

> A note from one of our Members:
> I suddenly find myself in worse financial shape than
> I thought.

<div id="RTEContent">Karen PierceBrookfield, WI

Herlean · 02-08-2008, 02:25 PM

Home Depot is run by Citibank I believe, look at the bottom of your last statement or the back of the card. I know one of the large banks is running it. Point being - call the company and tell them that you need to do something. The interest on that card is high and they are really quick about charging you a late fee, etc. Other than going to CCCS, I don't know what to suggest immediately. I would try to contact every place around and try to get work, even if it is a couple of different part-time jobs to provide enough hours. In the last few days, I have noticed that Target, our local supermarkets, two different gas stations are hiring. Some for 2nd and 3rd shift. That way, you could work one place one shift and then go to the other. Not easy, I know, but it would get you through. All the best, Herlean

Liss <liss@budget101.com> wrote: A note from one of our Members: I suddenly find myself in worse financial shape than I thought. We live in Michigan, my husband is a seasonal worker, and our only source of income is my massage business. We went to our credit union two days ago to see if they could help us get through the next couple of months and were told our second mortgage note had ballooned. I was devastated. I was mistakenly under the impression that this particular loan was a 30 year. We also have a 3rd mortgage and two car payments. We've been working toward a healthier financial situation, but the economy and rising expenses were
crippling this last year. My husband and I have been brainstorming as to how to fix this and plan to call everyone we know who might be able to send work his way, or help us get through. I've spent a lot of time at the budget101.com site the last two days and have a question that I didn't find an answer for yet. We have a credit card (Home Depot that we kept for emergencies as we live in an old farm house) with an $8000 balance and an almost 20% interest rate. Do you have a recommendation for a credit card company we could transfer the balance to? I've already told my husband we will, without a doubt, be tearing up the card. I can't tell you how many times we've been caught in the Home Depot trap. I've learned we just can't use credit cards. Home Depot is our last one. Any advice, suggestions, links or information is greatly appreciated. 

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Herlean · 02-08-2008, 05:49 PM

Does anyone besides me read this? I have learned so much about finances and money and tricks of the credit business, banks, etc. from reading this. I got a new issue (March 2008) in today's mail. There is an article about a debt collector business and how you have a year to sue and collect up to $1000 if one violated the Fair Debt Collection Practices Act. Another article is about people trusting the car dealer to pay off their car loan. You know those ads "we'll pay off the balance of your current loan" and you get a new car? Well, a lot of times, car dealers take their time paying off your loan if they ever do. You are on the hook. I always thought that was a kind of scam.

 
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