Balance transfer without actually doing a balance transfer...is it possible?

[lg8302ch]

Isn't this too much hassle?  I would stop using the cards, make a budget/plan to pay down, hightest interest first and use debit cards until everything is paid down. After all debt is debt and if not with 0% APR I would not worry on how many accounts but rather try to agressively pay down instead of consolidate. All the best

[dize]

You could try using paypal. Set that credit card up as the payment method for paypal, and send a gift to another paypal account. If you have a friend you could send it to them and have them give you the cash, or you could make a second paypal account that is linked to your bank. The downside to this is that paypal will charge you 3% I believe for using a credit card as a funding source. And there is a possibility of your card issuer viewing this as a cash advance, so I would look into that.

[triedtogetacardandcouldnt]

The problem with just paying it down is that I make $1100 a month if I'm lucky. And yes, I realize that running up more than I make in a month on credit cards was very effing stupid. Nothing I can do about it now, I can't wave a magic wand and make it go away. The credit card minimum payments on three cards are a tenth of my monthly income. 10% of my monthly income is going to credit card debt...when I have rent, utilities, and other things I need to pay. Consolidating it all into one card would mean paying less and having breathing room to maybe SAVE something so I can get on my feet again. 

I've been beating myself up over this and feeling like a failure. I can tell from your sig that you are not too familiar with what I'm dealing with, so I am taking your words with a grain of salt and a slight sigh of irritation.

To summarize: I can't budget and aggressively pay them down, I have. No. Money. I'm just trying to figure out how to ward off problems as well as I can. Cutting down what I have to pay by two thirds is a good way to do that. When I can pay more, I will, but I don't want to risk being in a situation where I can make the minimum on only one card.

I realize I put myself in this mess and I'm not expecting a ton of sympathy, but a bit of common sense and basic math understanding would be much appreciated.

[09Lexie]

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@triedtogetacardandcouldnt wrote:

The problem with just paying it down is that I make $1100 a month if I'm lucky. And yes, I realize that running up more than I make in a month on credit cards was very effing stupid. Nothing I can do about it now, I can't wave a magic wand and make it go away. The credit card minimum payments on three cards are a tenth of my monthly income. 10% of my monthly income is going to credit card debt...when I have rent, utilities, and other things I need to pay. Consolidating it all into one card would mean paying less and having breathing room to maybe SAVE something so I can get on my feet again. 

I've been beating myself up over this and feeling like a failure. I can tell from your sig that you are not too familiar with what I'm dealing with, so I am taking your words with a grain of salt and a slight sigh of irritation.

To summarize: I can't budget and aggressively pay them down, I have. No. Money. I'm just trying to figure out how to ward off problems as well as I can. Cutting down what I have to pay by two thirds is a good way to do that. When I can pay more, I will, but I don't want to risk being in a situation where I can make the minimum on only one card.

I realize I put myself in this mess and I'm not expecting a ton of sympathy, but a bit of common sense and basic math understanding would be much appreciated.

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The varying advice and options you have received have been empathetic.  The posters who replied did not disparage you or your situation.  Suggesting that they lacked basic math skills and common sense was unnecessary and disrespectful.  

You may agree or disagree with the advice given but as this forum has certain rules of conduct, please do so respectfully. 

~Lexie, myFICO Moderator 

eta: Without knowing which creditor, balances etc, have you contacted them and requested a payment arrangement? Have you cut out extraordinary expenses like cable, internet, cell?  If you are a member of a CU, they usually have personal loans that you may qualify.

[daybreakgonesXe]

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@j_casteel wrote:
You make theAP's to a checking account

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OP,

If you are adamant about a "no-fee" balance transfer, casteel's advice is helpful.

For example:

1.) Set up a SO or family member with the account, add the card of choice to their account. Then set up yours and set up your bank account to it.

2.) Send payment from SO/family member's account to your account. Send it as a G&S to avoid fees.

3.) Once the payment goes through, accept it through your account. Have the funds withdrawn into your bank account.

4.) Use those funds that just got deposited into your bank account to pay the other cards. Voila! Now 3 balances have turned into 1!

Hope that helps a little; good luck!

[triedtogetacardandcouldnt]

My "cable" is a $22 antenna taped to my window. My "internet" is the free wifi from the bar next door to my apartment. I pay my cell phone because it's the only phone I have.

I don't have a "SO" and I'm not going to ask my family to help me out, since I'm mostly cut off from them (I realize this is way more than anyone on a forum needs to know, but it's my reality right now).

So while I'm sure you mean well, anything that involves another person doesn't really help me. Obviously I am feeling quite down about my circumstances right now. I can't budget or cut things out, there's nothing left to cut and I make about $1100 if I bust my butt and add extra hours. I work for a little above minimum wage, which I realize is not typical of this community.

I have been told by my credit union that because of my student loan amounts they are unwilling to extend any kind of credit to me at this time.

[daybreakgonesXe]

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@triedtogetacardandcouldnt wrote:

My "cable" is a $22 antenna taped to my window. My "internet" is the free wifi from the bar next door to my apartment. I pay my cell phone because it's the only phone I have.

I don't have a "SO" and I'm not going to ask my family to help me out, since I'm mostly cut off from them (I realize this is way more than anyone on a forum needs to know, but it's my reality right now).

So while I'm sure you mean well, anything that involves another person doesn't really help me. Obviously I am feeling quite down about my circumstances right now. I can't budget or cut things out, there's nothing left to cut and I make about $1100 if I bust my butt and add extra hours. I work for a little above minimum wage, which I realize is not typical of this community.

I have been told by my credit union that because of my student loan amounts they are unwilling to extend any kind of credit to me at this time.

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No problem, I can understand the situation is frustrating and stressful, but is possible to get out of!

In that case, the best advice to give is like another poster mentioned, call each of your creditors. Let them know your income situation and obligations and if they can offer lower payments/lower APR. It'll help take the weight off CC and loan payments so you can focus your expenses on the more important things until you can get enough money to pay it all off! Try to pay cash as much as you can, and only use a CC if and when funds run out for necessities. You want to make sure you rack up as little debt as humanly possible so payoff in the future isn't as bad!

I sincerely hope all the best for you! Hang in there!!!

[39Xelor]

Maybe call the CCC and find out if your particular card offers courtesy checks? If they do, write a check to the other credit cards to pay them off and then the balance will in turn transfer.. Yes, a lot of CC's offer "balance transfer checks" but not all offer "courtesy checks" which really arent meant to perform a balance transfer, but can. usually when you use a Courtesy check it is treated as a cash advance

[leegreen]

Don't worry, alot of us have been there. You can always use your spending to make the transfers for you. Be careful and don't spend more than you normally do.

1. Payday comes you get 550(1100/2). You normally pay your rent, buy groceries, pay your phone bill, and pay your utilities. As you do all of these things pay with cash or your checking only what MUST be paid that way or what has a high fee to do with a CC. Put everything else on the cc you want the balance on.

2. Next payday comes. Any money left over and charged to the receiver cc you should still have, use this to pay extra on your smallest cc balance on the cards you want to eliminate. Repeat step one for this pay period.

3. Keep doing that until the lowest card is completely transferred then do the next lowest card, ect, ect until all are on the one.

4. Keep disciplined.

5. Know that interest is killing you, that is where most of your cc payments go. 

6. You can eliminate all of the interest on your entire monthly spend by using the cc. For instance: Your cc bill comes in on the 1st for 2000...you have until the 25th to pay. At the end of the month your interest is calculated saying 2000-(all payments before 25th)*monthly interest rate. Then your new bill comes on the 1st and is calculated 2000- all payments made during the month + interest + new charges. I would then try to get the balance on this cc to drop by some number every month, say $10. That way you are headed in the right direction.

Be disciplined and you can succeed! 

[triedtogetacardandcouldnt]

Thank you so much for this...I've been so lost and confused and having a hard time and it never occurred to me to do this. This is a really good idea. I'm so glad there are people knowledgeable about finances beyond inane assumptions on the part of people with plenty of money and good jobs that I have disposable income to pay down credit cards.

Thank you thank you thank you.