Heatmizer
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A lower overall monthly payment is not necessarily a good idea unless you really cannot afford to make the minimum payments on your individual cards. A lower payment (unless the rate is a lot lower) usually means you will pay more in the long run because it will take you longer to pay it off. What is the interest rate on the loan/card you want to consolidate to? If the rate on the new card is lower, does it stay lower forever, or is it a introductory rate that changes after a few months? Please carefully consider all these factors and by all means do all you can to make more than the minimum payments. You will save yourself a ton of interest by doing this. Try to stop adding any extra to the existing balances. This will only worsen your current situation. Good Luck to you!!! |
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randomactsofkindness2
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Whatever you do, try to pay off your credit card debts ASAP and, after you do, budget you money so you will not have to use a credit card to buy stuff unless you already have the money in you account to pay it off. That way you will have a better credit rating, too and will be able to get loans much easier. |
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san_mateo_guy
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if you can, get a bank loan to pay them off. Much better interest rate than credit card companies |
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babig221982
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I came across this site Prosper.com where you submit the amount of money you want and regualar people bid on loaning you the money. The amount you want seems reasonable to win some bids but if your state doesn't alllow a maximum of at least 10% or more , you may not get any bids. Visit the site I was intrigued. |
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msterlibgsu
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if you can find a card that has a lower interest rate than the three you have its much better to put them all on one card. as long as you dont rack up more stuff on those three. a lot of cards offer 1 year with 0% apr when consolidatiing also. i would check into it just be careful of annual fees and stuff. also do not use those other three and make it worse |
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cosaxteacher
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I would see what kind of offers you are getting for credit cards and see if the interest rate for one card with all the debt would be better than 3 with their current rates. Personally, just pay one off as quick as you can (the highest interest rate one) then use the money you save from not paying that one to pay off the next, etc. |
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asiafletcher
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get a check visa get rid of the rest same problem with me |
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Iron Rider
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get one card at 0% and consoldate all cards to that one, then pay twice minimum payment |
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jamesPurple
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A debt consolidation is a great idea if :
- you get a better rate
- you payback your debts in a mid or short time (long tme will cost you the same, because of interests)
If you use one credit card to consolidate, ask them if they have a special offer for consolidations |
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sasha1010
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Don't like so many credit cards, however, the best thing for you would be to get a zero-percent interest card and pay off the other three. Then pay the one debt as quickly as possible, before the rates jump. |
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byebye
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The first thing you need to do is stop spending uncessarily. If you've done that, fantastic! Consolidating into one lower payment is a good way to go. If you can get a 1.9% (or lower) for 6 months or a year that's a good way to do it. Pay as much as you possibly can every month. If you own a home that isn't overleveraged (strung out on home equity loans) you can get a small home equity loan ONLY for the amount needed to pay off your credit cards. DO NOT accept a line of credit. Its too easy to get back into debt that way. A home equity loan has a double benefit. First you save on interest (6-7% vs. 18-24.99%) and the interest you do pay is tax deductible if you itemize.
Regards |
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garrett1080
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dont consolidate unless you absolutely have to and $4,200 isn't that much consolidation looks just as bad as bankruptcy on your credit report |
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moviesauce
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Good advice above, though it may be tough to get credit when you've got such a high credit debt already. Still, consolidation is key, if you want to stop paying so much interest.
My suggestion? Get rid of ALL your credit cards until you're out of debt. Then just get one general card (Discover, Visa, etc.) and use it for all expenses, so you have only one bill to pay. |
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