Best bet is to pay off higher balances first. If you can throw more money into the best buy card, you should. You can negotiate to lower the premium, but you will likely have to close the account and that could effect you negatively. (your score, Anyway)

You could always try a consolidator. It may lower the interwar. Matter of fact, if your bb account has been in good standing, they may negotiate interest, too.

Interest, not interwar. Auto-correct. Pfft.

If you are drinking a $6 latte or buying $5 Cronuts, stop. Find where you are paying for things that are “nice to have” and stop buying them. Apply the money to paying down the Best Buy card, minimum payment makes money for Best Buy, pay more than minimum.
The negotiated rate may impact future credit by reducing your FICO number which will make future credit interest HIGHER or credit not not available.

I doubt you’ll be able to negotiate Best Buy down yourself. I’m sure they have neiher the incentive nor policy to work with you.

A debt management company like CCCS would probably be able to get them to reduce or forgive the interest and lower your payments, but that would have to be for all your debts, and your total debt may not be high enough yet to qualify you for that service. If you did qualify, it would mean tearing up all your credit cards and going on a tight budget. It’s a tough-love approach, but it works.

CCCS is for all credit cards and all debit, they charge $40 to $50 per month to manage your payments for all debits. Plus you put your funds for card pay off in their hands.
It is a long term payment system with ALL credit cards being “Cut up”.
No new cards or use of cards until you are out of debt.
Their is a minimum amount owed before they will work with you.

No, you won’t negotiate with Best Buy. Basically, they offer you a year or so interest-free, and if you pay it off in that year, you pay no interest, which is how it’s supposed to be used.

You apparently did not pay it off in the time frame allowed, so now they’ll make money off of you. They are a business and in the game to make money, so people like me make them none at all except the original purchase price.

First of all, I believe that you are doing the wrong thing by focusing on paying down the other credit cards first. What you should be doing is paying off the credit card with the highest interest rate, as it will save you the most money in the long run. (Source)

From a little research, it seems that the interest rate for a Best Buy credit card is 25.24%-27.99% annually. This seems pretty high, so you should probably be paying off this debt as quickly as you possibly can.

The thing about interest, especially compound interest, is that every single dollar you pay today saves you many dollars of interest in the future.

I agree with @PhiNotPi and think you should work on paying off the BB card.

Also, @Tropical_Willie had good ideas about eliminating expensive habits.

@KNOWITALL: BB and others like them do make money on regular customers, because even when you purchase something on sale, they still are selling it at more then they paid for it.

@jca Yep, but everybody does that. :)

There was a study done that found people emotionally felt better by paying the smallest balance cards first. People felt they were making progress, seeing multiple cards go to zero after so many months.

Personally, I would pay the highest interest card first so I would see fewer interest charges per month. I hate interest charges.

If you can, transfer the balance from your most expensive card onto your least expensive cards. Then pay just the minimum on most of the cards. Pay off the highest interest card and the lowest balance card, I found this to be the best balance between making real headway and making the psychological benefit of seeing your monthly statements start to go away.

CCCS saved my life years ago. I swear by them.

@_Whitetigress – First off, what @Tropical_Willie said. Stopping those minor expenses, while frustrating, will ultimately benefit you. (I know, when I’m stressed, a pack of smokes and good strong coffee are my ally – my treat, reward, etc.) Just pretend you don’t have any money, leave the debit card at home, etc. There are numerous ways to cut down credit card debt; a popular one is the debt-snowball method and it has a satisfying effect, as @RocketGuy mentioned. However, I think common sense does dictate getting rid of that high-interest.

Second, read the first chapter of this book. It looks like the entire chapter is on Google Books, and has very pertinent info. It’s all about credit cards, and don’t lose faith; you might have some wiggle room.

So, looking at the big-picture, don’t end up where I did. (Declared bankruptcy.) It’s depressing, humiliating and down right awful for my credit. I’ve financially bottomed-out, and it ain’t no fun.