I would suggest:

1) call your CC company and ask to reduce your interest rate. Shop around first, and tell them you will switch to another CC if they do not lower your interest rate.

2) get a loan (lower interest rate), and pay off the cc. 401k loans as mentioned above would be best, or talk to your bank, get their thoughts. Google loan options, there are companies that specialize in giving loans for this very reason.

Would a home equity loan work? Better interest rate since the loan is backed up by a tangible asset.

Not sure what you consider a “high balance”. Credit cards have crazy interest rates. You could try to get a loan that’s enough below the CC interest rate to lessen the interest score.

On the past my wife has gotten a new card offer with zero interest for the first year, transferred a balance and paid it off before the interest kicks in.

Absolutely you need to make considerably more than the minimum monthly payment. You must cut into the principle every month.

Credit Cards are the devil if you don use them in a way that zeros the interest. We have several cards we run a decent amount of money through but pay them off each month. We use them to get airline miles. We also almost never buy an airline ticket. Usually we can fly several times per year on miles.

I did that exact thing about 20 years ago. I purchased $15K worth of cattle and put it on my credit card. Before the next payment was due I transferred the balance to a 0% for 12 months card. I paid on it every month and had that balance down to zero before the 12 months was up. Basically I got an interest free one year loan for $15K.

I bought a boat years ago with a 0% apr credit card.

I don’t know how it stopped but I no longer get credit card offers. I do get offers from existing cards for 1 year 0 intersect but with a 4% transaction or 0 interest on purchases for some period of time.

Please don’t do this

You also put a lien on the place your family sleeps at night.

None of these answers will do you any good, if you don't change the person who thinks it's alright to use them. You have to face that person in the mirror.


Not everybody is, but I'm a huge Dave Ramsey fan. Yes, he's made money off of people struggling to get out of debt, but those people PUT themselves there to begin with. And some keep doing it. I've been through his classes, gotten out of $40K of CC debt. His process works and works well, if you are willing to swallow some pride and get serious about cleaning up your debt and making the banks richer. Those 0% interest rate transfer deals, someone is paying for that. It looks enticing, but the person who is actually paying for that is the single mom of two kids who is behind on her rent, car keeps breaking down because she can't afford the down payment on something more reliable and is paying late fees on her 4 credit cards because she can't get to work. Ramsey want's to get you OUT of that situation! It's the banks living off the backs of the a fore mentioned single mother that is the problem, stop making them richer. You can also find plenty of his information for free and he has helped millions of people. The greatest gift I ever got from my mom was his class. Just listen to his podcast or videos, you'll get the gist, it's not hard.





You'll pay about 40-ish% in tax and penalty implications on that money you pull out. You thought the credit card rate was expensive?!

I agree 100%, the problem isn’t the interest rate, it’s how your mind views debt. Follow the debt snowball, get out of CC debt and cut the cards up if they are tempting you. Use cash only from there on out.

Credit cards offer to many perks not to use them, just make sure and pay them off every month and it is like paying with cash but with a bonus.

^^^ This

Step 1: Hide the card in a safe/secure place. Don't cut it up or close the account. Paying it down/off and keeping it open will help your credit score which when you are debt free you won't necessarily need but it does help in other areas.
Step 2: Since it's just 1 account look into Credit Karma and see what options are available to you based on current credit score.
Step 3: Find a 0% interest option to transfer to. Some are up to 18 months now.
Step 4: After you transfer build a schedule for repayment. Make it fit your budget to improve compliance and if possible set it up as an auto bill pay through your bank.

If no transfers are available to you that you like go talk to an agent where you bank. There are lines of credit that are 8-12% depending on your situation. NOt great but better than paying 29.99%+ on a revolving account. You could build a schedule of repayment and double up on payments and still pay less overall than you are to the current credit card.

If you're tempted by those 0% offers, read the fine print. It's not nearly as good of a deal as you might think. Straight off the "Best balance transfer card" websites.


0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
Get free access to your FICO® Score online.

You transfer $10K, you get the privilege of paying $500 up front, which is like paying the interest up front that you would have spent over a time period. And here's the caveat, if you're late or miss one payment, you are instantly nailed with all the interest from the inception of the transfer, plus fees. Is the risk really worth it? You really want to get out of debt, buckle up and work 4 jobs and get it out of your life. It's not forever that you have to do this, just a season in your life. But still, if you're not going to address the original problem of spending, then the point is moot.

I have a co-worker who worked the oilfield and was hooked on oilfield money. Lost his job and did capital stupid. If you can't pay your bills, behind on every credit card and decide you have to have new wheels on your truck, a new SxS and trailer, you haven't taken care of the original problem.

Dave- O has given spot on advice. I’ll just add don’t take financial advice from broke people, and some of these responses are red flags…