Credit Card Consolidation

Hi Sherie,

Congratulations on taking the steps necessary to get your finances under control.

If you're talking about getting a consolidation loan, you'll need to contact your local bank or credit union to inquire about their rates and determine if this is your best option. If, however, you're considering consolidation through consumer credit counseling, whereby a credit counseling agency accepts one payment from you each month, and disburses funds to each of your creditors, you'll have to do some research (this site is a great resource) on these types of agencies.

If you can provide additional details regarding what your goals are, I'll be more than happy to be of further assistance. Have a good day!

Marie Megge
Active link removed - Jason

Hi!
Welcome to the Forums!

You can enroll in a credit card consolidation program to consolidate your credit cards. It helps you lower the interests on your credit cards. Here your multiple credit card bills are consolidated into a low single monthly payment.

You can get help from a credit card consolidation company in this regard. The company will negotiate with your creditors and arrange a low monthly payment plan. They will convince your creditors to reduce the interest rates on the cards.

You can also do so by transferring balances from your high interest cards to a low or 0% interest card, which is also known as balance transfer method.

Check out the following page to know more about credit card consolidation:
http://www.debtconsolidationcare.com/credit-card.html

Hi CHERIE YELLE,

There are actually different ways in which you can consolidate your credit cards. You can transfer balances from your credit cards which have high interest rates to a credit card with low interest rate. As you do this, the several credit cards that you have gets consolidated a single credit card and that to with low interest rate.

Other than that, you can take out a consolidation loan in order to consolidate your credit cards. Another option is to get help from a consolidation company who will negotiate with your creditors to lower interest rate.

Hope this helps,

Marvel Becks

Hi,

You can also transfer your balance to a low interest card. This method is called balance transfer and you can repay your debts in low interest rates and small monthly payments. The low rate will be available to you for a particular span of time and this is known as the introductory period. Try to shop around for a card with an introductory period of at least 6 months so that you get more time to transfer your balance with the low rate. Don't forget to read the fine print of the card as all the important information is printed at the back of the card.

Realistically you are not going to get a consolidation loan from a bank unless you have collateral or a cosignor with collateral. Banks are not lending.

Balance transfers.....this is just a band aid. 6 months of low or no interest and then you are back where you started. Not to mention the hits your credit will take with the new open lines and inquiries.

Try an local office of Consumer Credit Counselling Service. They are non profit. Or try getting a second job and use that income to pay down your cards. You probably didnt get into debt overnight so you cannot expect it to go away quickly. It is going to take some hard work.