What is the best way for me to consolidate my credit cards in one payment a month with out killing my credit?

Answer 1

it never 'kills' your credit to pay things off. if you own a home, get a home equity loan.

Answer 2

Have you consolidated your credit card debts, and find that things are still getting worse? A lot of people consolidate their credit card debts. The idea is to repay the debt back with simpler interest rates and monthly payments to a single credit card company. But, how many of them repay their debts timely? What keeps a borrower fall into a debt trap after credit card debt consolidation? Listed below are three things which can ruin a borrower's credit card debt consolidation process and lure him into a debt trap.

1. Relaxed attitude

Credit card debt consolidation brings immediate relief to the borrower. There are no multiple payments now, no nagging calls, no keeping of record, and if the borrower, got a good deal the interest rates are also low and so are the monthly payments. All this is too comfortable to drive the credit card holder into a false sense of security. It is good to remember that there are debts are just consolidated. Few small things now become one big and it has to be repaid, that too with interest. So, forget the minimum monthly payments, get serious on that debt and repay it as soon as possible. This will keep your credit report in good shape. Else this relaxation will cause endless tension and could lead towards bankruptcy, which is disastrous.

2. Uncontrolled spending habits

It is this reckless spending on useless items that got the credit card holder, this trouble of credit card debt in the first place. And now after the credit card debt consolidation, if the temptations again drive a borrower's spending habit, he is doomed. Remember small things here and there add up at the end of the month and can make the whole process of debt consolidation useless. Read more from: http://www.credit-card-gallery.com/article/206,3_things_that_can_ruin_your_credit_card_debt_consolidation_exercise

Answer 3

Shifting your debt around is a bad idea. Folks consolidate into one payment and then the next thing you know, those credit cards are charged back up. Instead work on paying off those credit cards.

Make a strict budget. Eliminate the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate credit card, while making minimum payments on the rest. When the highest rate is paid, move to the next till they are all paid off.

It will take you 2 or 3 years but you will have a good credit history. And you will be less likely to fall into that credit card debt trap again.

Answer 4

You can do one of the following:
1. Transfer balances to one card (if possible). Obviously you should only transfer higher-rates cards to lower-rates cards. I assume, however, that it's not possible or you would not have asked the question (smile)

1b. You could possibly open a new card that has a 0% transfer rate and try to transfer as much as you can. However, it sounds to me that you might then just withdraw more money on the cards you have, and that is not a good idea or the way to go.

Note: each of this options would lower your credit score because the credit scores penalize high usage of an available credit on any given card. It means you are better off having the following:
CardOne: $2000 balance with $5000 available.
CardTwo: $1000 balance with $3000 available.

Then with either:
CardOne: $3000 on $5000 available
CardTwo: $0

Or:
CardOne: $0
CardTwo: $$3000 balance with $3000 available.

2. If you owe a house, you could fold it into the mortgage or a home-equity-line-of-credit (HELOC). Again, do not use the now available credit to borrow more.

3. There are services that would do it for you, and even negotiate lower rates, for a monthly fee, without hurting your credit.

Regardless of which option you choose, do not close $0 balance cards, as that will lower your credit score!

You can email me if you need more advice.

Answer 5

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RE What is the best way for me to consolidate my credit cards in one payment a month with out killing my credit?

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Answer 6

Been there done that and there is no easy solution. My solution in the past (not the best) was to move everything onto a low interest rate card. Another solution is to take a loan out on your vehicle (at much lower interest rate), and use that to pay off your cards. The trick in both cases is that you have to STOP USING THE CARDS! Currently, I am simply paying off the smaller card and I will be left just with one card to pay off.

Contrary to the poster above, please do not use a 2nd mortgage on your home to pay off credit cards. Contact a debt consolidator before even thinking of that. You could lose your home!

Answer 7

Transfer your balances onto the cards that has the lowest interest rate. If you don't have already consider getting one. Or you could look into opening a personal line of credit with your bank. Either way as long as you are making your payments you shouldn't have anything happen to your credit. You just have to know how to play the game.

Answer 8

You could transfer the balances to a card with a low interest rate. Then try to pay off the balance before the promotional rate ends.

Don't pay off credit card debt with a home equity loan unless you're sure you can control your spending. If you rack up the debt all over again, you'll be back where you started plus your house will be at risk.

Answer 9

If you have a home use it to consolidate your debt if you don't use a personal loan that is fixed (like a car loan). The interest rate might not be the greatest but you'll get it paid off faster you may even save money on a monthly basis and you'll save money over the long haul in total interest. So, I would strongly advise you not to use interest rate as your determining factor you should use your total interest payments and when it will be paid off.

Answer 10

Hi. You need a debt consolidation .
There are many compnies offering this service.
Check the list here. You will find the best one for you,
http://surl.se/dipd

Best of luck

Answer 11

There's application fees for loans. You might be better off just paying what you can! "One payment" is easier, but not always cheaper in the long run!!