Whats THE best way to consolidate debt if you don't own property? All debt is from credit cards?

Answer 1

A personal installment line of credit if your credit is good and you can get a low rate. Otherwise Consumer Credit Counseling will get your creditors to lower your interest rates and consolidate them all in to one payment without getting another loan, if you qualify.

Answer 2

If you have decent credit, you should look for a card with 0% on balance transfers--even if it's just for a year--and transfer all your balances (or at least the ones with the highest rates).

The only way this will help you, though, is if you agressively start paying down that debt--or at least don't add ANY new credit card debt! Card companies love to help you consolidate, because they assume you'll never really pay off that debt; instead you'll just move all your debt to their company. The good news is that it should make consolidating easy. Try Citicards.com to start with. Capital One is also rolling out aggressive new deals to get clients.

If you have bad credit or can't get approved for a balance transfer card, then you might try borrowing money on Prosper.com. Lots of people take out a loan from there in order to consolidate all their credit cards. It really improves your score because you're moving revolving debt to an installment loan. You might pay a high rate, but you'll have it paid off in 3 years and really cut your monthly payments usually. I lend to people like that on Prosper all the time.

Answer 3

Do you have good credit or bad? Bad credit may need a credit counseling company. Good credit, you should be able to get a line of credit up to about $30,000.00. Bank of America has one. Try their website.