Can debts on different credit cards be consolidated?

tomhank17 · #1 (**permalink**) 04-25-2008, 03:48 AM

if a person has credit debts on various credit cards and he is badly in debts, can he any way come out of it? Can the various credits be consolidated so as to make the payments easy? What are the other options that can solve this situation?

maat55 · #2 (**permalink**) 04-27-2008, 02:18 AM

A good option is to take out an HELOC if possible, but only if you have fixed your bad spending habits. CC's at best, are only to be used on a monthly payoff basis.

Converting to 0 interest offers is a bandaid. Your best option is to get on a budget, get a second job and decide to change your life and become debtfree the old fashion way, hard work and sacrifice. Read Dave Ramseys book Financial Peace, it will give you a path to prosperity.

DebtHelp · #3 (**permalink**) 05-04-2008, 12:43 AM

I would definitely not suggest taking out a HELOC... .when you take out another loan against your home, you are giving a creditor leverage to take it.

If you need help with getting rid of unsecured debt, please call us at 888 828 1022. We can help!

beaner · #4 (**permalink**) 05-08-2008, 05:11 PM

take all your credit cards and make a spreadsheet of the accounts - interest rates - balance owed - and how much available credit you have.

Then work really hard on figuring out how to move the money to the lowest interest card that has the most available credit so that you will have one less payment you have to make. BUT take that money and pay double on the card that you used to transfer the debt too.

Please try to pay more than the min balance. if you only pay the min, then you will never be debt free. Good luck!

jerrymind · #5 (**permalink**) 08-19-2008, 07:45 AM

Quote:

Originally Posted by beaner

take all your credit cards and make a spreadsheet of the accounts - interest rates - balance owed - and how much available credit you have.

Then work really hard on figuring out how to move the money to the lowest interest card that has the most available credit so that you will have one less payment you have to make. BUT take that money and pay double on the card that you used to transfer the debt too.

Please try to pay more than the min balance. if you only pay the min, then you will never be debt free. Good luck!

Thanks for the little piece, I have been trying to pay off my credit card for 3 years now and I just realised that I keep paying the minimum balance. I have ended up paying three times what I owe. Thanks

david007 · #6 (**permalink**) 08-21-2008, 07:51 AM

Quote:

Originally Posted by beaner

take all your credit cards and make a spreadsheet of the accounts - interest rates - balance owed - and how much available credit you have.

Then work really hard on figuring out how to move the money to the lowest interest card that has the most available credit so that you will have one less payment you have to make. BUT take that money and pay double on the card that you used to transfer the debt too.

Please try to pay more than the min balance. if you only pay the min, then you will never be debt free. Good luck!

Good advice.

I would suggest the same.

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