$21,000 is a lot of money; interest alone on $21,000 scares me. Just for fun… $21,000 @ 12% APR would equal $210 dollars of interest alone every month. That’s close to $2400 a year, just to carry the balance. Again for fun, I could go to a car dealership and purchase a new car on Master Card. I could purchase a new motorcycle. I could probably buy some land! OK, need to stop dreaming, if I can’t pay cash, I probably can’t afford it and should not be dreaming about it. I still plan to cancel this card when the remaining $6461 dollars are paid off.
What would do you with a $21,000 credit line?
HS
3 comments:
I'd call and tell them to lower it LOL Credit lines like that scare the crap out of me!!! Our biggest is $14500 and we managed to rack that one up! And if you had that kind of cash just laying around...odds are your credit limit would be 6 figures :-)
My largest credit line is 10k. Sadly I'm only 25% away from the top so the interest on that card really bugs me. At the same time it's all about how to handle paying things off. I'd rather pay a smaller balance rather than a larger one because the small one goes away faster to tackle the larger one. Just ignore the 21k line and focus on getting that balance down to ZERO.
The goal is to reach 0.00!! that's what I'm working towards.
HS
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