Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
Credit card debt consolidation... there's no real universal answer. Each person the solution may be different.
In your case I would say it looks like you will have to switch that debt over to somewhere else. Whether that's another credit card or a loan, I don't know. You may not be able to get a single credit card with a credit limit high enough to cover all this debt. After all, you only want your debt to represent 30% of your available credit limit on any given card.
If you have a significant portion of your mortgage paid off and have equity in your home, I would suggest a home equity line of credit (HELOC) but today the rates on those are very high and they are hard to get, unless you have a big chunk of your mortgage paid off.
You could try splitting the debt up between 2 or 3 new credit cards with 0% balance transfer offers if you go that route.
Most of all though, work on paying more on them and spending less.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
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