Managing Credit Card Debt

Many of my readers already know that while I’ve already started my savings plan and enrolled in the company’s 401k, I do have some outstanding debt that I’m in the process of eliminating.

One of the first credit cards I got when I was trying to repair my credit was a CapitalOne card. It cost a bunch for the setup fee and the yearly fee was terrible (about $170-$200 combined), but I had to do something to get things turned around and headed in the right direction…no one else was giving me a credit card, and this was an unsecured card, so I took it.

I’ve maintained that account and watched my credit score climb. They were satisfied with me as a customer and have since offered me two more cards (Platinum Plus Preferred) with a 0% introductory rate and lower annual fees.

I took them up on both offers. That left me with three CapitalOne cards. It’s a hassle to manage all of those accounts and also pay for the annual fees, so I decided to do something about it.

After the success with lowering my interest rate on one of the cards, I thought maybe they could offer something as far as merging the accounts. I called and they were very accomodating. I combined the two lower credit limit cards into one and waited for that process to complete.

Today, I called to combine the remaining two. Those two calls took less than 20 minutes combined and saved me $90 this year. Yes, I’m really happy about it.

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