Credit card consolidation - Ask Rich / Money 101

meganeliz20 · 08-13-2009, 12:14 AM

DF has a couple of credit cards that are maxed out and he's trying to get out from under that to save as much money as possible, since he's getting out in Nov.

I was told going through a credit card consolidation company wasn't such a good idea and his only idea is to get a loan to pay off one of the bigger ones because the interest rate is lower on the loan than the credit card itself. I'm not sure that's such a good idea either.

Any ideas?

carolinagirll · 08-13-2009, 08:57 AM

I found these sites for you:

http://www.bankrate.com/brm/news/cc/20031007a1.asp

http://ezinearticles.com/?Credit-Car...re?&id=2465086

https://www.familycredit.org/landing...FRhinAodkwhziA

http://www.docstoc.com/search/does-d...n-your-credit/

http://www.suzeorman.com/

Take a look at these see what you think. I don't have any experience with it.

meganeliz20 · 08-13-2009, 10:52 AM

Originally Posted by carolinagirll

I found these sites for you:

http://www.bankrate.com/brm/news/cc/20031007a1.asp

http://ezinearticles.com/?Credit-Car...re?&id=2465086

https://www.familycredit.org/landing...FRhinAodkwhziA

http://www.docstoc.com/search/does-d...n-your-credit/

http://www.suzeorman.com/

Take a look at these see what you think. I don't have any experience with it.

Awesome...Thank you for finding these, they helped me out a lot!

mogaswife · 08-13-2009, 11:05 AM

I go through careone credit to consolidate my credit cards and I couldnt be happier with them. I dont have to worry about paying several credit cards every month. They take out a set amount of money every month on the same day and distribute the money to your creditors. There is a chance it will lower your credit score but it is likely that if you have several maxed out cards your credit score is already not too good. hope this helps! good luck

Hueneme2Gulfport · 08-29-2009, 11:21 AM

We got a signature loan for the amount of our credit card debt from our bank and closed the cards once we paid them off. We had other cards that were paid off and left those alone (store specific cards that weren't tempting like a VISA) so we didn't get rid of all our credit. I don't care what experts say, if you have a problem keeping the plastic in your wallet, close it. Better to learn a lesson, get out of debt, and try again later IMO.

08-13-2009, 12:14 AM	#1 (permalink)
meganeliz20 Waiting for November Join Date: Aug 2008 Location: Me: Missouri, Him: Virginia Posts: 262 Classifieds: (0) Activity: 4% Longevity: 21%	Credit card consolidation DF has a couple of credit cards that are maxed out and he's trying to get out from under that to save as much money as possible, since he's getting out in Nov. I was told going through a credit card consolidation company wasn't such a good idea and his only idea is to get a loan to pay off one of the bigger ones because the interest rate is lower on the loan than the credit card itself. I'm not sure that's such a good idea either. Any ideas? __________________

08-13-2009, 08:57 AM	#2 (permalink)
carolinagirll Senior Member Join Date: Sep 2008 Posts: 2,676 Classifieds: (0) Activity: 44% Longevity: 19%	I found these sites for you: http://www.bankrate.com/brm/news/cc/20031007a1.asp http://ezinearticles.com/?Credit-Car...re?&id=2465086 https://www.familycredit.org/landing...FRhinAodkwhziA http://www.docstoc.com/search/does-d...n-your-credit/ http://www.suzeorman.com/ Take a look at these see what you think. I don't have any experience with it. __________________

08-13-2009, 11:05 AM	#4 (permalink)
mogaswife I Love My Guardsman Join Date: Mar 2009 Location: Michigan Posts: 499 Classifieds: (0) Activity: 33% Longevity: 11%	I go through careone credit to consolidate my credit cards and I couldnt be happier with them. I dont have to worry about paying several credit cards every month. They take out a set amount of money every month on the same day and distribute the money to your creditors. There is a chance it will lower your credit score but it is likely that if you have several maxed out cards your credit score is already not too good. hope this helps! good luck __________________ Proud wifey to drobisbaby08, sestrada59, mrsgalloway, SgtLinnell'sGirl, LoveMySolider! and TayreehBakur

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08-29-2009, 11:21 AM	#5 (permalink)
Hueneme2Gulfport "They love me around here. I'm a swell guy." Join Date: Aug 2009 Posts: 125 Classifieds: (0) Activity: 0% Longevity: 5%	We got a signature loan for the amount of our credit card debt from our bank and closed the cards once we paid them off. We had other cards that were paid off and left those alone (store specific cards that weren't tempting like a VISA) so we didn't get rid of all our credit. I don't care what experts say, if you have a problem keeping the plastic in your wallet, close it. Better to learn a lesson, get out of debt, and try again later IMO.