What can one do to resolve paying 5 credit cards at a time?

Question

My brother is paying 5 cards at a time and I think most is just interest.What can he do besides consalodating?

Answer 1

if he has good credit, transfer balances to 1 card or 2 with 0 intrest rate for a year or more and then something low like 8% or less.

if he has bad credit he can attempt to do the same with a higher intrest rate.

Answer 2

His BEST bet is to consolidate through a non-profit consumer credit counsellor like United Financial Systems (http://www.unitedfinancial.org/). They can mediate with the credit card companies and get them to lower the interest rates due on the accounts. This has two effects - it lowers the minimum monthly payment due, and increases the amount of the monthly payment that goes toward principal instead of interest.

They were able to lower all but one of the interest rates for my accounts to from 0% to 10% (from a range of 16% to 29%).

The other thing he can do is to try and mediate it with the credit card company themselves. Sometimes they will be willing to work something out with the debtor, particularly if they have a relatively clean payment record (no missed payments, paying more than the minimum each month, etc.).

He should avoid consolidation attempts which don't directly involve the credit card companies. He should not take a loan, for example, since people who run up their credit card totals once are likely to do so again. If he does this while still paying off the consolidation loan, he would find himself in a worse position than he is in now.

Answer 3

Consolidating the credit cards is the best,

Before consolidating your credit card debts, it is important to carry out thorough investigation to determine its suitability for your condition. Many credit card companies and banks provide debt consolidation services to their customers. To start the process, it is important to scrutinize your debt properly. Write down the interest rates charged on various cards. If the new rate is far below average of the old one, then opt for consolidation as it will be cheaper for you. After you get all the information, contact a professional, to assist you with the consolidation, and get the best offer.

Debt consolidation is also provided by credit-counseling firms. These firms will total up all your monthly debts and let you make one payment to them. With this amount, the firm will pay the lenders till the entire debt is cleared off. But exercise caution while selecting a credit-counseling firm, since some firms do not offer free services. People who have utilized debt counseling will assist you in choosing the right firm. The other option is to go for a debt consolidation loan that has quite a low interest rate.

Answer 4

sometimes depending on his credit the credit card companies will let him change his due date, so that they aren't all due at once, or He can do some balance transfers with the card that has the lowest interest rate. Also if he's a good paying customer the card company may let him lower his APR . He just needs to speak to their Relationship Marketing department.

Answer 5

if he has good credit, transfer balances to 1 card with 0 interest rate for a year or more.or low like 3% or less fixed on good credit

Answer 6

Seek credit counseling from a non-profit organization that offers it. They will advise on debt consolidation, budget management, maybe even filing of bankruptcy if the situation warrants it.

Answer 7

Bankrupcy chapter 7 if no house. Chapter 13 if you have a house or major assets to save. Check with a bankrupcy lawyer...a lot of them have free first visit.

Answer 8

He could get five more cards and pay ten of them at one time.

Answer 9

consolidate all of your credit cards using a third-party business, they can help cut payments, and total cost.

Answer 10

Get rid of at least 4 of them!