2007-01-25 06:53:52 · 8 answers · asked by raiyn4502 2 in Business & Finance ➔ Credit
Im not sure what your income or monthly bills are, but in most cases 1800$ is not all that much. Just keep chipping away at it and eventually it be down to zero. 1800$ is way below the natioanl average for debt. MY advice is to not mess around with debt consolidation unless you feel your debt is getting WAY out of control.
2007-01-25 06:59:19 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It was absolutely right of that one answerer to suggest you NOT consolidate because it will in fact LOWER your credit score at first. So couple that with this: Figure out exactly what the interests rates are on all the different cards (or whatever) and pay off the HIGHEST first. Pay minimums on everything else until the highest rate item is gone. Then move on to the second highest, etc. By the time you have everything paid off this will save you the MOST money in interest paid.
By the way, I think it's AWESOME that you've only got $1800 in debt left. Give yourself a HUGE pat on the shoulder for that one!
2007-01-25 15:19:05 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Don't bother to consolidate unless you are paying outrageous interest and would be able to lower the interest rate substantially by consoliating. My credit card has been over $2000 for the past 3 or 4 months and I pay it off in full every month, $1800 really isn't that much debt.
2007-01-25 15:02:33 · answer #3 · answered by hello 6 · 0⤊ 0⤋
DON'T DO IT! List your debts smallest balance to largest on a sheet of paper. Only make minimum payments on everything except your smallest loan. Take all of your extra money and put it on that bill until it's payed off. When that bill is gone, use all of your extra money and start putting it on the next smallest balance, and so on... You'll be surprised how soon you'll have everything payed off. Dave Ramsey.com has alot of help on debt solutions, and it's free.
2007-01-25 16:48:55 · answer #4 · answered by dan h 2 · 0⤊ 0⤋
Check the interest on each one. Consolidate everything that has a higher interest rate than the consolidation offers - but watch out for consolidation fees.
2007-01-25 15:01:29 · answer #5 · answered by barbed_oracle 2 · 0⤊ 0⤋
Consolidation can lower your credit score and increases your interest rate. With that little amount of debt I would not consolidate.
2007-01-25 14:59:23 · answer #6 · answered by tchem75 5 · 1⤊ 0⤋
if your not having a problem paying then I would not change a thing. $1800 is not much. I would only consider consolidation if I was having trouble making monthly payments.
2007-01-29 00:21:09 · answer #7 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
no, the fee to consolidate will be more than if you just pay extra each month.
I suggest reading The Total Money Makeover by Ramsey to get a financial plan in place for yourself. (www.daveramsey.com)
2007-01-25 15:18:57 · answer #8 · answered by mldjay 5 · 0⤊ 0⤋