How to consolidate my credit cards into one?
Wednesday, July 8th, 2009 at
9:19 am
I have four credit cards and I want to put the amount owed all onto one credit card with a lower intrest. I also don’t have very good credit. Any help would be useful. Thanks.
The amount owed is not more than 1,500 between the four. I always pay double of what the minimum payment is.
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first you would need to find a credit card with low interest. from there you would need a credit limit to cover the 4 debts. from there you just tranfer balances once you open the card. problem solved.
If you don’t have very good credit, nobody is going to give you a low rate card. Plus you will have to pay transfer or cash advance fees to the new card on the payment to the old cards.
You are better off just paying them off.
Just pay them off. Income up, Expenses down.
You cannot borrow your way out of debt!
pay them off. consolidating and renaming the debt does nothing really. debt is a bad idea.
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Debt is debt and having one payment instead of four is no more of a help to you. Call your creditors and ask for a lower rate. Make your payments on time. Cut up (dont cancel) those credit cards and stop the cycle. Pay more than the minimums even if it’s only $5 a month. Pay off the highest interest rate cards first or the lowest balance first and apply the payments to each card one by one until they are gone. Look at your budget. Are you overspending on some things you can either cut out or cut back??? Use that money to get rid of the debt. It’s fine to have a credit card… just one. It doesn’t make sense to pay interest when you could have money in the bank earning interest. Respect yourself and your money. Use coupons. Shop around. Shop sales. Buy second hand. Make your own convenience items. Every penny adds up and you dont have to be a miser… just a smart consumer. Try to pay off all of your debt in 2-4 years depending on the amount of your debt. Save your need for credit to buy a home, car or something else you NEED instead of things you WANT.
You’re better off attacking the principal, rather than trying to save a buck or two in interest. Plus, you won’t save, because you’ll pay the balance transfer fees.
If you focus your efforts, the whole $1500 will get paid off in no time.
Here’s what I want you to do:
Skip the restaurants.
Live cheap for a few months.
For the cost of one meal at a casual restaurant ($12-$15), you can buy enough beans, rice, and ramen noodles to feed yourself for a week.
First, do NOT cancel the card. It will appear on your credit report that you’ve merely paid the balance in full and as long as you don’t close the card, it won’t hurt you one bit.
If you can do so, your best bet is to transfer the balance to a card you already have, rather than take the bait on a new card. Every time you apply for new credit, you are increasing your potential indebtedness by the limit on the card, and that will move your credit score downward. Oddly enough, when you cancel a credit card, it can also move your credit score down a little, because it’s often interpreted as a move to prepare for borrowing more. Therefore, it might be better for you to just move the balance – or better yet, pay off the card if you can – then just cut up the card or stash it someplace safe.