what is the best way to consalidate all of my past due debts and credit cards?

Question

I've heard financial advisors talk about consalidating all debts into a 0%apr credit card. But if i need to consalidate my debts evidently my credit isnt the cleanest thing on earth and getting a credit card with a 0% apr is almost impossible with my creditscore. What other options are there? Companies that offer consolidation have an apr that is so high it just puts you in even more debt. I feel stuck. Somebody please help!

Answer 1

Have you tried online, the internet yet. Consolidation loans are everywhere nowadays, you just need to pick the right one.

Answer 2

Consolidating your bills is only adding to the problem. You will have a smaller payment, but end up paying more in the end. Believe me. I had credit cards totaling over $20k and paid them off in about 16 months. I used something called the snowball effect. First I wrote down everybody I owe, the balance, and then the monthly note. Then, I put them in order from the smallest balance to the the largest. My smallest bill was $300 and my monthly notes were $15. Instead of paying the minimum, I doubled it when I could. I continued paying the min on my other bills. Once this bill was paid, I did the same thing w/ the next one. Instead of spending the 15 on me, I added that to my reg. payment. This process will get you out of debt and you will be proud of yourself.

I also got 2 side jobs to help me pay these bills. Since I wasn't late on my large bills, I called the credit companies and talked them into lowering my interest rate. When they denied me, I politely said, "Since you can't lower my interest, I'll transfer the balance on my other card." This made the ppl change their mind. Visa was the only card I couldn't convince.

Answer 3

Consolidation is good thing. If you aren't able to get 0% APR try getting the lowest apr you'll have to do a little bit of shopping to get the right card but it will be worth.

Answer 4

The best way to pay off your bills is to not make new ones by going to a debt consolidator. You will only add more interest to what you owe. I would sit down, make a list of everything you owe, and then put them in order...the highest amount first. Start by making payments on all bills, but a little more on the highest. When that one is paid off, use that money that was used for the payment on the next highest, until all is paid off. DON'T spend any more on immediate gratification items; just take charge of your finances and you can do it.
Then write, or call each company owed, and work out an arrangement with them. Some will, some won't, but ask each one. For the ones who won't help you, pay them as soon as possible. With the others who will work with you, pay each month what you have agreed on, but don't skip any payments. You may not have any money to spend for awhile, but in a year or so, you will be free of debt.
And then, consider looking into what got you into this mess in the first place. Treating others to drinks, etc.? Treating yourself to things not needed, but wanted at the time? Too many nights out, or too many dinners eaten other than at home? Once you figure out your sabatoge areas, work on ways to stay out of those areas of conflict. Eat at home, pack a lunch, shop at sales (today I bought tree ornaments for half price, to give to my family and friends next year for Xmas.) Think ahead, use coupons, go to sales. I furnished my home recently with estate sale items, because we needed a whole home furnished (just moved back to USA from The Netherlands.)
You can do it; good luck, but remember, don't go into any more debt. Think: Do I need it? Can I wait and buy it when I have the money? And last of all....hide all of the credit cards except one for emergencies, or give them to someone you trust to keep for you until you are in charge again of your finances. Don't tear them up; they will be difficult to get later. Just DON"T use them. Have a nice day.