To EF, or not to EF?

[Petunia 100]

Comfortable? No.

But, for example, a 29.99% card with a $15,000 balance coumpounds $4,500 per year. Killing that should be a very high priority.

With a decent credit score, there is no need to pay that kind of interest.

[Nutria]

With a decent credit score, there is no need to pay that kind of interest.

Assumes that the person drowning in debt has a decent credit score.

[disneysteve]

With a decent credit score, there is no need to pay that kind of interest.

Folks with a good credit score wouldn't be in that situation most likely.

[Nutria]

Folks with a good credit score wouldn't be in that situation most likely.

We had good scores (mid 700s), yet one of my wife's cards (a Sears MC) was 29.99%. She loved using it, though, having an emotional attachment to it because it was the first card she ever got. They refused to lower the interest rate, so I had to insist that she stop using it.

[disneysteve]

We had good scores (mid 700s), yet one of my wife's cards (a Sears MC) was 29.99%. She loved using it, though, having an emotional attachment to it because it was the first card she ever got. They refused to lower the interest rate, so I had to insist that she stop using it.

The interest rate doesn't matter unless you're carrying a balance.

I honestly have no idea what the rates are on any of our cards.

[Nutria]

The interest rate doesn't matter unless you're carrying a balance.

Well, we did. $17,900 on 06-Feb-2012 (I still have the "payoff spreadsheet). Update: it is "only" 21.24%.