Earlier this year, I got a double whammy. The CC companies figured out that I was living on my credit cards and a collection agency reported a paid collection on my reports (this was not mine but it was still reported). As a result, all of the credit card companies raised my interest rates to high rates. Citi was the worst, raising it to 24.99%. The paid collection was removed after I asked for validation. My credit reports are perfect, except for the high balances. I am working and able to pay these cards off eventually, but the interest rates are killing me. No one will give me credit now because of my situation. I am thinking of borrowing all of the $9,000 in my IRA to pay down the Citi card from $15,000 to about $6,000 in the hope of getting a lower interest rate. I can borrow it for 60 days without penalty. If they lowered my rate, I would BT from another card to Citi and then try to get a lower rate on the second card. Then I would repeat as much as possible before the end of the 60 days. I would then pay back the IRA with a BT. I have some worries. First, I worry that Citi will just lower my credit limit to $6,000, ruining my chances of paying back the IRA loan. Second, I worry that they will not give me a lower rate because all of the other five cards will still be maxxed out. I also have an MBNA card with a $20,000 limit, all used up. They wrote me and said that if I ever used my card, they would raise my rate to 23.99% so I do not want to try them. I have a Next card with a $4,000 limit, all used up. From what I have read, it is unlikely they would lower the interest rate. I have three Firstusa cards, $3,000, $9,000, and $13,000, all maxxed out. When my problems first hit, they reduced the available credit on one card from $8500 to $3000. I fear they would do the same thing again if I paid them anything substantial. Any comments? Will this work or is it too risky? If I do not pay back the IRA within 60 days, I will have penalties from the IRS for early withdrawals.