Should I get more credit cards to pay one off?

I have only one credit card which is maxed at $7100 and the interest is now 34%. Obviously I messed up big time. I am 20 and am still a little confused about how credit cards work..I just know I need to get this thing paid off ASAP. It%26#039;s already cut up!!

My minimum monthly payment is about $265 and the balance just goes up every month of course. I tried to get a new card to pay it off with a lower interest rate but the highest I can get is $2000 at 14%. I tried again somewhere else and they offered $1500 at 12%. My question is, should I open enough new cards to pay off the big one since the interest would be less than half of what it is now? Or would that be worse? I%26#039;m thinking it would be easier to make minimum payments on them but pay more on one til it%26#039;s paid off, and then do that again and again until they are all paid off. ??? Thanks!

Should I get more credit cards to pay one off?heart rate monitor

No. Don%26#039;t get more cards to pay off one.

You can%26#039;t borrow your way out of debt.

Get a second or even a third job and get this thing paid off ASAP.

Credit cards are a tool.

If used properly, they can be beneficial. If used incorrectly, things like this happen.

Compare credit cards to a chainsaw. Chainsaws are perfect for cutting wood, and used correctly do a very good job, but used incorrectly the person can get hurt with them.

Should I get more credit cards to pay one off?

loan

20 and in debt by $7,000! Yikes.

Have you called them to ask that they lower your interest rate? I am pretty sure the maximum they can charge by law is 21%. At least it is here in Texas. You might check your state.

Call them and see if they will lower your rate. Also, make sure you are paying much more than the minimum balance. If you want to get out of this hole, more consumer credit cards is not the answer. CUT UP YOUR CARDS and get a loan from a bank or credit union at a much lower interest rate and pay them all off. Then, make aggressive payments toward that loan.

Get a second job, cut back your spending, and possibly sell some stuff on ebay or at a garage sale if you want to get this paid off more quickly.|||contact a credit management firm and ask for help.

you can%26#039;t fix this on your own unless you just buckle down and pay more than minimum every month and DON%26#039;T USE THE CARD!!!|||wow, if you can get another card with that limit its because your current credit situation wont allow it. you might have to get credit couseling and debt relief to get out from under it. might damage your cedit some but sometimes thats not always bad.|||Terrible idea. Don%26#039;t open more cards to pay off one. Instead, try and do a %26#039;Balance Transfer%26#039; from your current card, to one that has no APR for the first year or something low. If that doesnt work, call your company and tell them you%26#039;re on the verge of bankruptcy and ask if they can lower your interest rate at all, and 9 times out of 10 they will! I had to do the same thing, and they lowered mine from 19% to 8%. Good luck!|||Call your credit card company and ask them to lower your percentage rate then while you are at it, ask them to raise your credit limit. It can be done, all you have to do is not take no for an answer. You can also call all the major credit card companies and do the same thing. If you roll your debt from one card to the other, can get 0% interest for at least a year. This will help you pay down the debt. I would be happy to teach anyone how to do this. Let me know if you are interested.|||have you ever heard of %26#039;robbing Peter to pay Paul? You are only 20 years old. Get a part time second job just to pay that debt. and keep paying the 265 from your first job and you should be able to put a big dent in that debt in 6 months. I know it not what you wanted to hear but it will keep your credit in good standing|||ABSOLUTELY! Visit http://www.cardforsure.com/ and apply for a 0% card and use that to pay off your previous card. Just make sure you make your payments on time!|||Bottom line - you cannot BORROW your way out of debt and at this point, no one is going to give you more credit with a lower interest rate.

Reduce your spending, increase your income if you can, and pay MORE than the minimum every month. Unless you make the payment AND add the additional amount they%26#039;ll add in interest, you will be paying on this debt for the next 25 years !!!!

You%26#039;re 20 - learn to live within your means NOW or you%26#039;ll only have more trouble later. If you can%26#039;t pay for it cash, you don%26#039;t need it - at least until you can get your current credit situation under control.

A credit %26quot;management%26#039; company is not a good idea either, most of them are scams and are reported as additional negatives on your credit reports.|||Please!

You are young -- you got your whole life ahead of you.

GET TWO JOBS while you%26#039;re young and stop using things you don%26#039;t quite understand. Pay off the debt with the extra income from a 2nd job!

And by no means should you open up a credit card to pay off the previous one -- I don%26#039;t think you have reached the level of financial sophistication necessary to handle the additional responsibility.

Read up on credit cards or don%26#039;t use them if you find yourself in these kind of sweet pickles.|||no, then u will be in more debt