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Thread: Credit card consolidation

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    #1

    Credit card consolidation

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    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?
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    #3
    Awesome...Thank you for finding these, they helped me out a lot!
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    #4
    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
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    #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.
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    #6
    I checked that sites you posted thanks for that! I appreciate it a lot. That could be useful to everyone. I also discovered that Holding balances on too many charge cards can damage your credit score. To be able to staunch the bleeding and perhaps obtain a much better interest rate, many consumers consider consolidating credit via balance transfer. Does doing this hurt your credit rating?
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    #7
    You might check the interest rates on a peer to peer lending site like Lending Club. I know a lot of their loans are for CC consolidation. If they rates they offer you are lower than your CC and you can afford the payments (you can choose between 36 or 60 month loans), it seems like a great solution.

    Despite the fact that the post above looks spammy and am I afraid to click the link, a balance transfer might not be a bad idea. Many cards will offer 0% on transfers for a certain time. The catch is that you must pay off the transfer during that time, and many people fail to do that. But you could search for new cards with a 0% term, transfer the highest balance card (or 2 depending on the amounts and how quickly you'll be able to pay them off) and then make absolutely certain you have them paid off at the end of the 0% term. That would save a lot of money on interest.
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    #8
    credit consolidation is only really best if you are already delinquent and/or in collections. If you are not either of those then consolidation companies will not help.
    I see no problem with getting a lower interest loan to pay off the credit card, as long as he closes the card once he does that.

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    #9
    Quote Originally Posted by Haroldtedia View Post
    Hi,

    Ive got about 7500 of credit card debt, on different cards.

    Im struggling to pay the minimum amounts at the moment.

    Ive tried getting another card to put all the debt onto to get lower interest but with no joy.

    Ive tried getting a debt consolidation loan, but no joy.

    What are my options? Bankrupt? If I could just find a way of lowering payments. Its my debt and I have no issues.

    Im in Scotland if that affects things as we have alot of different laws
    If you are in Scotland why does your location say USA?

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