tips on credit card consolidation

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tips on credit card consolidation

Postby in_the_stereo » Fri Dec 12, 2008 8:18 pm

i need some good tips on credit card consolidation for sure! here's what i have

~4 credit cards
~1 that has $3200 balance with 17% apr
~1 that has $5900 balance with 24% apr
~2 that each have $2000 with 13% apr

I need to get my interest payments down BIG TIME :/ How can I do this? Do I switch the balances around or use good balance transfer offers and move all of the debt over? I can make the payments OK how they are now but I really don't want to be paying an arm and a leg for interest payments. In a situation like mine what would one do? What tips on credit card consolidation do you all have that would be helpful here? Maybe there's some other type of loan I should transfer my debt to that's not a credit card?

I don't know :/ All help I welcome :-)

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Postby Mogul of Pineapples » Fri Dec 12, 2008 11:00 pm

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.
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Postby 1bootcamp » Sun Dec 21, 2008 1:42 pm

I find many now asking how to consolidate credit card debts. It's not as easy as it use to be since lenders are giving pitiful credit limits. Makes it much harder to lump all your balances together on one card.

Consolidation of all that credit card debt on one card doesn't sound like it will be possible. Consider taking out a low interest unsecured loan to pay them off but good luck finding one of those now too.

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Postby in_the_stereo » Fri Jan 16, 2009 1:34 pm

Thanks I wasn't able to consolidate all of the credit card debt but I was able to transfer the two highest interest balances to a new card with 0% APR for 12 months. I guess some savings is better than nothing! :)

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Postby debt555 » Mon Aug 17, 2009 1:33 am

Thanks in_the_stereo,
All the tips share here it's really appreciable.

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