is my credit card debt worth consolidating??
Date: Wed, 01/23/2008 - 11:33
I would just like to hear a few people's opinions on whether or not I should look into consolidating my credit card debt.
I currently have 4 active credit cards. The total balance as of the end of this month of the 4 combined is $6,200. The interest rates on 3 out of the 4 cards are over 20% (!!!!) as well! I also am going to have to start making federal and private loan payments by the end of this year. Therefore I am looking into seeing if it would be worth it for me to consolidate my credit cards into one payment, since I will have to be making a bunch by the end of this year.
Another option that has been run by me is that I should take out more money out of school loans (since I am in my last semester now) to cover the credit cards debt; pay the cards all off, then just focus on my payments for my loans once they become active. What do you guys/girls think?
Thanks so much for your help!
Most consolidation companies require 10K in debt for their progr
Most consolidation companies require 10K in debt for their programs. You might want to try to get lower interest cards and transfer the balances. Then you can start paying off the prinicipal. Watch out for the fine print that raises the interest after the first year.
Hi pamela I agree with frogpatch. Read the fine print while c
Hi pamela
I agree with frogpatch. Read the fine print while consolidating your credit cards so that you can avoid traps like high balance-transfer fees and teaser rates. However, if you are able to consolidate your cards in a proper way to one low-interest account, then you can literally save hundreds and thousands of dollars.
take care n keep us posted :)
nelly
Financial aid is for school related expenses. Borrowing extra t
Financial aid is for school related expenses. Borrowing extra to pay credit card debt technically is considered fraud. However, if you are using your CC to feed yourself and for school expenses, go ahead.
SOAPLADY - yeah, I use mostly all my credit cards for school exp
SOAPLADY - yeah, I use mostly all my credit cards for school expenses. about $5,000 of the $6,200 is from school expenses from the past.
Thanks everyone!
