I have 8 credit cards and $20,000 credit card debt.....?

Question

And Juniper Bank sent me a preapproved application.... should I apply and consolidate?

Answer 1

No. The last thing you need is another credit card. Juniper is not going to offer you a lower rate, or a balance high enough to consolidate. The last time I got something in the mail from them, it came with a hefty yearly fee in the fine print.

What you need to do is pay off your credit card debt. If you are in good standing on your cards and have a good credit score, you could apply for a card that has a high balance and a low introductory rate. Some even have a zero interest rate for the first 9-12 months. Transfer balances from higher rate cards and pay as much as you can to pay them off. Once you have transferred the balances from the higher rate cards, cancel them and cut them up.

Answer 2

An unsecurerd own loan is probable going to cost you 8% or extra interest. Your extra smart guess may be to look into shifting the debt from the USairways card to the Citi card and shifting all your money over to that card. additionally, shop an eye fixed out for low or 0% interest enjoying cards. even nonetheless there's a stability circulate cost, paying 0% for 3 hundred and sixty 5 days extra advantageous than makes up for the fee. the different selection may be to make certain in case you could borrow from a credit union (you will might desire to connect) - CUs frequently have somewhat decrease costs of interest.

Answer 3

If you get another card, they probably aren't going to give you a $20,000 limit, so you won't be able to consolidate. It might be a good idea to transfer some high interest balanes to lower interest cards that you already have--but 8 cards is too many already; don't get any more. Plus it'll look bad to the credit bureau (i.e. your credit score will go down) if you already have that much debt and you're trying to get more credit lines.

Best bet is to just start paying down your debt, starting with the highest interest balances.

Answer 4

You should indeed start looking in ways to minimize your debt...have yourself a few options other than Juniper..and verify above all the interest rate each Bank offers, look for the lowest interest rate available , this way you consolidate all debts, and only have one financial payment to pay for.-

Answer 5

My Friend Me and my wife have total 15 Credit card ,we were paying $178 interest per month ,what I did was call the credit companies and tell them you need to ballance transfer from your other cards,and ask them about promotional checks(conventional check) NOT A CASH ADVANCE CHECK!!! for a very low APR like 1.99% or 2.99% till its PAID OFF. no dead line date.after you got your check on mail or u can transfer over the phone(I dont recommend that).then u have to close the ballance of that card first before u start to use the check,because if you got a left over balance ,whenever u send a payment it will go for the lower APR first(thats not good) then start to transfer the money from one to another card.. right now we have the same debt but we pay $18 interest for all cards

I hope that help my friend

p.s KEEP TRACK ON YOUR EXPENCES ,TRY NOT TO GO OVER %45 OF YOUR CARDS
GOOD LUCK

Answer 6

I suggest, stop getting credit cards and stop using them. Consolidation only works if you fix your behavior (of spending more than you earn).

Start working a debt snowball, list all your debt bills smallest to largest (include your car but not your house if you own). Attack the first (smallest) bill. Once that one is paid off, use the money from the first bill to attack the second one, etc.

Read: The Total Money Makeover by Ramsey if you really want to get serious about your money. We have paid off over 15k in 12 months utilizing his plan. It is a step by step common sense approach to finances.

Answer 7

I would start paying off what you can and NEVER accept any other credit card offer. Pre-approved or otherwise.

Banks and credit card companies make a living from the interest on outstanding debt. Of course you get another offer. Nice low interest rate. However, if you're late only once, your rate shoots up and you're in trouble.

cut up your cards, pay them off one by one.

Answer 8

NO NO NO!!! The LAST thing you need is another credit card. It is a debt tool! It does nothing good for you! If you own a home, refinance it and include that debt into your loan. Pay off your highest interest credit card with your lowest interest one to save money. You should also call a credit protection company and see if they can help you. But PLEASE don't get the credit card!

Answer 9

yes jump on it since then you can go 40K down!!!

Get a fixed loan if you plan on consolidation. $20 at even 12% will take you 25 years to pay off at the minimum payment!

Answer 10

Yes, you definitely should. I would also suggest that you comparison shop. You can try at the below website