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CC interest rate

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Posted by pctpuzzle ( on November 03, 2002 at 16:56:00:

My husband has a large-ish credit card debt that he ran up before our marriage. Attempting to pay it down now. He had two credit cards, and the debt was spread over both.

He got an offer for a new CC in the mail with a low balance transfer interest rate - sounded good, so he called them. They said that he could transfer both credit card debts to this new card and pay just 7% interest on the transferred balance. Since he was currently paying 22% and 24%, we thought this was a good deal.

We just got the first credit card bill after the balance transfer, for Oct. The interest rate on the bill is 22% ! My husband called them and asked what happened to the 7% they promised him, but they didn't really give any clear answer.

Are we shafted here?

22% is really high interest to pay. I have some credit card debt myself from college, but my interest rate is only 9%. My cc debt will be gone soon, and I've been thinking about adding my husband to my cc, and putting my husband's debt on that... I wonder if that will trash my own credit though, and we end up with high-interest everything from here on out. :(

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