What do you all consider a bad interest rate?

What do you all consider a bad interest rate? I figure if I ask you all questions in small doses maybe someone will answer. I posted my problem yesterday in trying to figure out, just to let the Long Term insurance and Life, and just work on paying off the IRS (which 400 a month- but they will renegotiate if I run into problems) also my refund will almost clear what we owe total). But I want to clear the credit cards completely an either at the same put something towards savings.

more than 5% is predatory.

Go get and read Dave Ramsey’s Total Money Makeover or His Finiancial Peace University books. They will give you step by step(the baby steps) of what you are asking, even about insurance and retirement, but you have to get rid of all of you debt first(snowball).

I will look into it, unfortunately I have to make some decisions right now, about debt vs. continuing paying for insurance. After running the numbers the past few days with quicken debt reduction it is pretty obvious that I have to stop paying the long term health. My insurance agent, dropped the Paul on the reduction of my husbands policy and therefore new one with lower rate never got put in and the old one lapsed. It would be nice if they would give us some of that money back, that’s why I asked about that, if anyone had done that.

Now the debt, on top of credit cards, I have an IRS back payment that Ive worked out with them. Im going back to them and asking if I can lower it, plus with refund it will pretty much clear it. Actually the IRS have been nicest people to work with.

To sum up what you said is that:

1) I can try and work out something with the credit card myself instead of going through Consumer Credit Counseling. Is this by asking them for a lower interest rate? Is there any benefit of doing this myself vs. going through CCC other that the fee (which they said they would waive – i’ll make sure of this). CCC said that would waive all interest. Do you really think i could get CitiBank to do this myself?

2) One of you mentioned that it’s going to affect my credit whether i go through Consumer Credit Counselors or call Citibank myself? Is this true? Am i understanding this correctly?

I also have another credit card with a smaller balance. Did you guys keep one cc for emergencies? I know there’s always a risk of charging it up but i may need it.

Any advice would be appreciated. Thanks so much.