I have a lot of credit card debt and my finance charge is too high along with my credit protector fee....?

Is the credit protector fee worth it? I'm paying a little more than my minimum due, but it's only a small portion of what my finance charge, credit protector fee on top of all these other fees are. I just can't catch up! I want to know if I just transfer to something else or get a loan out if this is a better idea. I don't know wnything about finance which is probably why I'm flat broke all the time. Can someone give me some straight up friendly advice????

You need to get your financial affairs in order. If you don't know anything about finance, talk to one of your credit card companies about finding a NON-PROFIT credit counseling service. They can help you get control and also can work with you and the creditors to set up a payment plan that works for everyone. But do not--NOT!!!--go to one of the commercial services you may see advertised. They are basically scams that will charge you a huge fee.

Meanwhile, look at your different accounts, and find the one that is charging you the most. Not necessarily the cards where you owe the most, but the one with the worst interest rate and fees. Work very hard to pay off that one balance--get it all the way down to zero. If it means paying the minimum on the other cards, then do that, but clear out the worst one first. Then cut up that card and throw it away. Then pay off the next worst card, and so on. If you can manage to pay off two high-fee cards at the same time, so much the better. But all the bills every month from lots of different sources can drive you crazy. Get rid of some of them, and you will find your whole life runs a lot smoother.

With the help of the credit counseling service, you may be able to get the fees reduced on some of the cards in return for quicker payment. That will save you money as well. See if you can handle that. And when you get your head above water, you should have just one credit card. One bill, one amount to pay, and, most important--one credit limit to max out. That will keep you in better control in the future.

It is all too easy to fall into a hole, and much, much harder to climb out of it. But you have already learned that lesson. You need some help to get back on your feet, but you can do it. Good luck!!

Check out the "Total Money Makeover" by Dave Ramsey. You will learn how to become debt free.

First of all, the credit protector fee is a scam. Call your credit card company and cancel that immediately. It protects you if you lose your job, but what they don't tell you is, if you call them cause you've lost your job to take advantage of that, you will no longer be able to use your credit card.

Second, is your credit good enough you can balance transfer to a card with a better rate?

Boy, I can empathize. I have never paid for the protection fee. It is basically like an insurance which will pay your monthly payments in case of disability or death. I used to think it'll be safe to just have one card around in case of an emergency. Wrong. There were times when I used the card despite of circumstances. I realize that sometimes we need it such as for a car rental, hotel, true emergency. I would therefore put the card into a ziploc bag of water and freeze it. It will be accessible for true need, but not for the quick shopping. See if you can get the interest rate down. Destroy your cards and make a plan to pay them off. Some companies offer low interest on transfers. You could try to get those cards, but do not use them for purchases. Depending on how many cards you have, pay off the highest one first, making larger payments while paying only the minimum on the rest. Once that card is paid in full, move to the next. Keep it as a goal. It really takes a commitment. I pay cash now, or use my ATM card, but I definitely think twice before buying stuff. Before, it was so easy just to pull out the card for things I really did not need. I still have my Amex card, but I pay that off every month. After twenty some years we are basically out of debt except for the mortgage payment. Best wishes to you.

Stop using your credit cards. You probably don't need the credit protection and are just wasting your money on that. If you really want to get things under control, look in your phone book under credit counseling. Where I live Goodwill runs a credit counseling agency. Anyway, call and set up an appointment. Take copies of your bills and they can set it up to where you make one payment to them and they divide the money among your debtors. Sometimes they can get lower interest rates too.