How do I consolidate my credit cards so I only have to pay one and get a low or 0 APR?

Question

I have two that add up to 2000. I always forget to pay them and want to get another so I can put both of the balances on there and actually pay them off.

Answer 1

If used wisely, 0% APR credit cards can be a great way to pay down your existing credit card debt. With only $2000 between your 2 cards, I wouldn't recommend credit counseling as other people have suggested.

Right now, there are many credit card issuers offering 0% for 12 months or more. If you can pay off your debt in that period of time-- that's great! But even if you can't pay if off completely within 1 year, you'll still save a lot of money on interest.

Many people continue to transfer their balances from one 0% APR card to another. This way, they never pay interest on their credit card balances.

But be aware-- switching credit cards on a regular basis can have a negative impact on your credit score. Luckily, it only has a short-term impact. So if you don't plan on taking out a mortgage or other BIG loan soon, you may want to consider this option.

For a complete list of 0% APR credit cards, visit:

http://www.asapcreditcard.com/0-apr.html

ALSO: Don't fall into the trap of adding additional debt to your new credit cards. Although you'll be paying 0%, you'll only get yourself further behind and reduce your chances of becoming debt-free.

Answer 2

Even when interest rates were super low several years ago you could NOT get a 0% APR, except as an introduction. Those intro APRs didn't usually last more than 6 months, then the interest goes up. Are the 2 credit cards you now have bank cards, or are they department store cards? If they are department store cards you absolutely should try for a bank card as the interest rate will be 8 - 10% lower.

The APR you get on your credit card along with the credit limit are determined by your current credit score. If you have a lower credit score your APR will be higher, and your limit lower. Remember that the bank reserves the right to change your APR at any time. If you miss a payment, or your payment arrives late, even if a payment to ANOTHER creditor arrives late a bank can change its rates to you.

Look for a card with a set APR rather than a variable. Always pay more than the minimum payment. Always pay as early as possible, as it saves interest by lowering the monthly average balance, and avoids late fees. Avoid having a balance of more than 60% of the card limit; 75% could give the bank reason to raise your interest rate, and lower your credit score.

Answer 3

Try to get a cash bank loan- at least try applying- you'll be able to pay the card balances off- and then repay the bank at interest rate at least half of the more then likely 20-25% you're paying the credit card company.

$2000 would not be looked upon as a great amount by the bank assuming you are employed and able to cover all of your monthly expenses.

Answer 4

Credit Card Debt Consolidation Loan: When using the credit card, people ignore the consequences of using the card too often. Frequent use of credit card causes bills to be accumulated and worsens your credit score. Besides lowering your credit score, you also face financial burden since the interest charged is very high.

http://debt-refinance-loan.com/category/Credit-Card-Debt-Consolidation-Loan.html

Answer 5

You should be able to transfer the balances to a new card. Otherwise consumer credit counselling will also help. They call the credit company and tell them you are working with them so they will stop billing you, and then you close the accounts, and pay one low payment to CCC. I would only do that if you are messing up your credit or if the cc companies are harrassing you though because you will have to close your credit card account and that sucks.

Answer 6

You don't need another card. Pay off your smallest balance first and then you'll only have one card - problem solved.

Sounds more like you're just looking for a reason to get another card. Trust me, You don't need another card. Get rid of those cards while your balance is only 2,000. It's only going to increase.

Answer 7

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.