I have 2 credit cards with a significant amount of money owed to each. Is it smarter to consolidate the 2 cards into one or just continue paying as much as I can each month on each?
2007-06-09 15:55:10 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
YES!!!!!!!! I had the exact same problem. I went through a company called care one (www.careone.com). I am usually paying in between three and four hundred a month and not making any lee way. With the new program they dropped my payments and garaunteed that my cards will be paid off in three years. So not only does it cut interest rates which are what kill you the shorten your amount of paying time.
2007-06-09 15:59:39 · answer #1 · answered by Shannon B 1 · 0⤊ 0⤋
Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
2007-06-10 07:02:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Consolidate them on to one card and then call the card company and let them know you want to renegotiate your card rate. The larger the balance, the more likely they will be to negotiate the rate (they will be afraid you will take your high balance some place else).
If you know of another card company that offers a special rate, then use that as leverage.
2007-06-09 23:05:08 · answer #3 · answered by Matt 7 · 0⤊ 0⤋
Well if you can consolidate and get a better interest rate I say do that. I do it and it saves me alot of money in the long run. You can make bigger payments and get the debt down.
That in turn helps your credit too.
2007-06-13 20:48:06 · answer #4 · answered by Pepper 6 · 0⤊ 0⤋
I have found that some of the best advice for debt comes from Dave Ramsey. He has a great web sight www.daveramsey.com. Check him out! Total Money Makeover will change your life.
2007-06-10 01:44:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Unless one offers much better terms, two accounts is better because it gives you more credit history and thus a higher credit score.
2007-06-09 23:00:24 · answer #6 · answered by Ted 7 · 0⤊ 0⤋
yes- as long as the one card you want to put the amount on has a lower %. Then it is- good luck
2007-06-10 02:00:52 · answer #7 · answered by gran l 2 · 0⤊ 0⤋
yes
2007-06-13 19:44:01 · answer #8 · answered by lavell 3 · 0⤊ 0⤋