Some advise to get started please
Date: Wed, 12/29/2010 - 08:20
I have a few credit cards, I just paid one off that had 5000 on it with some money I came into. Now I still have 3 more that total 11,000. Interest rates are around 19%. Should I just go to the bank and ask for a loan to consolidate or should I use a consolidation company? Just not sure how much extra it is and if its worth it. Any advise would be really appreciated.
I would think that a consolidation company is going to charge mo
I would think that a consolidation company is going to charge money, so I wouldn't use them. I think a bank has high interest rates for personal loans. You would also need good credit to get a loan. If it were me, I would first look for credit card offers with 0% balance transfers, if they are still out there. Just watch out for any fees. Otherwise, I would just take your smallest card, and pay as much as you can on that, while paying the minumun payments on the other 2. Every free dollar you get, put it towards the card. When its paid, cut it, and move to the next one. Good luck. I'm in the same boat. It seems like once you get in over your head, it's very hard to get out.
