SHOULD I CONSOLIDATE?

[Anonymous]

This is actually for my g/f (21yrs old). She has two credit cards maxed out, adding up to $10K. We're trying to figure out what the best course of action would be to eliminate this debt, the minimum payments are pretty high for her. Would consolidating be the thing to do, or a personal loan? or any other suggestions would be much appreciated...

Thanks All in Advance.

[creditwherecreditisdue]

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@Anonymous wrote:

This is actually for my g/f (21yrs old). She has two credit cards maxed out, adding up to $10K. We're trying to figure out what the best course of action would be to eliminate this debt, the minimum payments are pretty high for her. Would consolidating be the thing to do, or a personal loan? or any other suggestions would be much appreciated...

Thanks All in Advance.

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Depending on the state of her CBR's and income she may be able to get a personal loan from a CU - that would be the best way to go. Asking for a consolidation loan may present a problem - some institutions may require the consolidated accounts to be closed (which is not good). Watch the APR's carefully and once the CC's are PIF'ed make sure they stay PIF'ed. Do not guarantee anything yourself!

[xchap]

Yes i went the credit union way(like creditwherecreditdue mentioned) and consolidated 5 high apr credit card to a personal loan at 12% @ that time my credit score was 677 save lots of money. my monthly payment  is $366 @ $16k borrowed