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TeraBytes | Putting all credit card debt onto one card? |
My husband and I are trying to get out of debt. We have a plan written down that would allow us to pay our credit cards off in a little less than 4 years. Sounds like a long time, but at least we have a plan to pay it all off. We would be able to if we put our two cards we have debt on into one credit card, which is a card we have, so we wont open a new one. We have excellent credit and I dont want our scores being hurt, but we'll save a lot of money by putting it all one one card. In that we would have about 14,900 on one credit card, with no other credit cards with balances.
Is it a good idea to transfer and put it onto one card. I heard its bad to have so much one one card, but we would pay like 320 a mont on it, plus put our 1000 tax return on it in May. I dont want our credit score to be badly damanged, but I want to get outta debt asap and not drag it on. I mean 10.32 variable apr vs. a 7.9 fixed apr on the one card.
Additional Details
What worries me is we would be a little more than 2000 away from our credit limit. Granted every month it would get further and further away from that. I just know it isnt good. But is it worth it if you have to take a dip in your credit score. |
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heybulldog
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Don't obsess with the fico score. That's how you got in debt in the first place. It doesn't work.
Banks spend millions brainwashing people into thinking they need credit cards and a high fico score to make it in todays world. BULL!
If you pay as you go.
If you live on less money than you make.
You will have money and not have to obsess with the fico score.
Check out http://www.daveramsey.com and listen to his radio show. He has lots of great common sense advice on money and debt. It doesn't cost you a dime to listen to the radio. |
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bdancer222
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Normally I advise against shifting debt. All too often, the paid off credit card get run back up. But if you're really commited to paying off all the credit cards, transferring the balances would lower your interest rate.
How much are the transfer fees? Some cards have a 3% fee with a max of $75. Some have 2% fees and no max. That could eat up a year's worth of saved interest.
Another downside, is that if you max out this card, they might decide to increase your interest rate and end up be higher interest than the other cards.
Also, the minimum payment on the $14,900 would about 3% or $447. To get this paid off, you have to come up with more than the minimum. You need payments in the $500 to $600 range to get this paid off in 4 years.
Squeeze your budget a little harder. Eliminate all the extras -- cell phone, eating out, new clothes. Find ways to bring in more cash -- garage sale, collect alum cans, get a second job.
If you REALLY work hard, you could have this all paid off in 3 years. |
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DAS
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I would suggest you do it, and try to pay as much as you can , and as fas as you can to get the balance down, and it won't hurt your score that much. Don't close the other cards, just either cut them up or put them somewhere where you can't use them. See if you can pay on the principle, and continue to keep up the good work. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://doiop.com/028gog |
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src50
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If you can transfer balances onto a lower-interest card, do so. But don't close the old card(s). Leave them open with zero balances and don't charge on them anymore. |
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Jason
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You're right, having a larger balance on the 1 card could have a slightly negative impact on your credit score. But a 3% drop in interest is pretty significant! Is it really worth stressing a small drop in your credit score for all the money you'll save on interest charges???
The truth is, your credit score will correct itself over-time - especially when you start paying down the balance. As long as you don't plan on taking out a new mortgage or other BIG loan soon - I wouldn't worry about it. Go for the savings!
GOOD LUCK! |
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John S.
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Putting $14,900 into one card can be a bad thing if your credit limit of that card is $15,000 or close to $14,900 because it indicates that you are maxing out your credit limit. Since you have excellent credit, why not take advantage of it? You can apply for a new credit card with 0% intro APR for 12 months on balance transfers, or a low fixed apr like 4.99% for the life of the balance. You can then transfer some of your debt into this new card. If you can't pay this balance off in 12 months, then getting a low fixed 4.99% apr is a better option. You shouldn't have any problem getting a good deal if you have excellent credit. |
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dragonkraut
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It's always a good idea to consolidate debt, especially if you can get a better fixed rate on it. Make sure to read the fine print so that you absolutely know the rate is fixed, and look out for balance transfer fees, etc. You're smart in looking into a plan that will pay off your debt over time, and not strain your budget. It won't hurt your credit to transfer the debt over to the one card, as long as you don't run up a balance on the cards you're zeroing out. You may even want to close those cards. As long as you don't apply for anything new, and give yourself the time to pay down on the big balance, you're good to go. Best wishes! |
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