How do I get all my credit card payments down to one monthly payment?

Question

My husband and I have been married for about 3 months and we have 7 credit cards all together and they are almost maxed out. What is the best way to get rid of the debt and make only 1 payment a month instead of 7 different payments?

Answer 1

Debt consolidation loan. You open a new account for the total owed. Close all your old accounts and roll those 7 debts into the new account. Usually the payment is less and the interest rate overall is less. Shop around for the best deal. And once this is paid off, stay out of debt!

And do NOT, under any circumstances, take out a home equity loan for debt consolidation. Home loans are secured, if you can't pay you lose your home! NEVER do this.

Answer 2

Get another card and put all the cards on there. Make sure the APR is the lowest it can be too.
Or a loan. Or when you buy a house, have the amounts included in the loan so you can pay them off when the loan goes through.
Don't forget to AT LEAST cut up 6 of them, you don't need that many and you just get in trouble!

Answer 3

consolidate them all on one card using interest free balance transfers; check around; some cards offer balance transfers interest free for up to 6 months; this can be really helpful to get the principle down quickly; most importantly get rid of all but one card; put it in a plastic bag w/ water and freeze it; that way you can help curb spur of the moment spending

Answer 4

I recently married too. Congrads! I went and got a home equity loan to solve that issue. Now I just have one payment.

Answer 5

First, cut them all up. No more charging!

Then, take the smallest balance. Pay that off. Then the next, then the next.

You'll be through it before you know it.

Answer 6

Cut them up except one. Then, transfer them (with a lower interest rate) into one account. Pay it down...