I want to combine all my credit cards in to one monthy payment at low interest?

Question

how do I do this? or do I do this, the interest is killing me.Its about $18000

Answer 1

PLEASE check with the credit card companies about consolidating OR How about moving the balances to another, new credit card? I get many unsolicited promotions from many credit card companies for me to transfer existing balances to the new card. The new card doesn't charge any interest for the first 3 months, 6 months or year.

When you do this, you can continue paying that $D per month. AND EVERY cent should be applied toward paying the principal amount of the balance.

In a month or two, when it starts to get uncomfortable for you - in other words, the payments PLUS the interest will “kick-in”, begin shopping the balance with another unsolicited promotion OR go on-line to find out who offers these “transfer of balances with no interest” promotions. NO MATTER WHICH WAY YOU CHOOSE, BEFORE YOU AGREE TO DO ANYTHING, ITS EXTREMELY IMPORTANT FOR YOU TO READ AND UNDERSTAND THE FINE PRINT - THE CREDIT CARD COMPANY'S AGREEMENT WITH THE CONSUMER.

I wish you well!

VTY,
Ron B.

Answer 2

what interest rates are you at? How's your credit score?

If you have an OK or better score and are paying really high interest rates, one option is getting a loan at Prosper.com. But, these are 3-year loans so if you can't pay it all off in 3 years, you may want another solution. A lot of debt consolidation companies will help; but sometimes they charge money for it and you don't end up saving as much as you think. Just be careful.

Another thing many people never think to try... is call up your creditors and see if they can lower your interest rate. It works more often than you think; but it's not guaranteed of course. If you have good rates already, you probably won't get a lower one.

Answer 3

Your best bet is to find a 0% APR credit card-- with the lowest ongoing rate (after the intro). This will allow you to save the most money over time. You can find a complete list of 0% APR credit cards here:

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

Consider the Rewards Advantage Platinum Card from First National-- or the Discover More Card. Both provide a 0% APR for 12 months on purchases and balance transfers. Plus, they both have low ongoing APR's.

Hope this helps. GOOD LUCK!

Answer 4

Credit card debt consolidation comes as a great relief to all those who are plagued by multiple credit card debts. If new to credit card debt consolidation, all it does is to club up all your debts from multiple credit cards into single more manageable and easy to repay debt, which helps the credit card holder tremendously. Credit card debt consolidation has many benefits but the four listed below are typically more popular. If you are waiting to get rid of your multiple credit card debt, credit card debt consolidation might be the panacea for you. Here are the four great reasons.

To reduce the debt burden

This is the first and foremost reason of credit card debt consolidation. Too many credit cards, multiple credit card debts, varying repayment dates- all become too overwhelming , can rupture your financial well being and and impose a lot of burden. Credit card debt consolidation eases all this complexity and all your debts become one single entity and are now easier to repay.
The first, as we just mentioned, is because your current credit card or cards are costing you far too much in annual fee or APR.

Save on annual fee

If all your credit cards have some annual fee, these numbers add up quickly and can appear quite a sum. When you consolidate your credit card debt you also get rid of all these multiple annual fees and might end up saving a lot of money. Read more from: http://www.credit-card-gallery.com/credit_card_debt_consolidation.html

Answer 5

If I were you, I would go to my bank and take out a loan and pay all your credit card bills off. A bank loan is going to have a much lower interest rate than any credit card. Then I would cancel all my cards except the one with the lowest interest rate.

Answer 6

Consolidate and your interest will go up. Pay it off and get out from under it, you should be able to work out a deal.

Answer 7

$18K in % ? or just in debt ? (although Not good either)
Go to a counseling / consolidation agency but at that level of C C debt , you will be required to cut up ALL your cards .
(Unless you make 6 figures a year)

Answer 8

Consolidate.