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What is credit card consolidation and can I consolidate only 2 cards?

Submitted by Vincent on Wed, 06/22/2016 - 23:35

I have heard that credit card consolidation is a good idea to deal with multiple credit cards with huge balances. But, I want to know can I consolidate 2 credit cards or do I have to consolidate all of my credit cards at once? Can you please tell me what is basically consolidation?

You can consolidate 2 cards into one single monthly payment. However, it will work better for you if you consolidate all your multiple credit cards into one single monthly payment.
Consolidation is a process through which you can replace your multiple unsecured payments by a single payment every month. You can enroll in a debt consolidation plan offered by a consolidation and settlement company, or you can consolidate on your own by taking out a consolidation loan or taking out a balance transfer card.

Submitted by Good Nelly on Fri, 06/24/2016 - 06:17

Good Nelly

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In reality, there is no such thing as credit card consolidation as advertised by for profit lenders/credit repair companies. If you are making the payments you can avoid trashing your credit by paying down the higher interest card first....go on a serious budget. No starbucks, brown bag it, use coupons. Get a second/part time job. Or borrow a true consolidation loan thru your bank/credit union. Avoid the suggestions above....

Submitted by SOAPLADY on Tue, 06/28/2016 - 21:31


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Hi Vincent,

You can consolidate only two credit cards, but what will be its use? I am totally agreed with the view points of Good Nelly that through consolidation you can make multiple unsecured payment by a single payment every month and you will also not feel hectic in paying it. You can engage some or you can go by yourself and discuss the matter with your creditors.

Submitted by elisa.gracedd on Fri, 07/01/2016 - 00:50


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