10-10-2012 07:43 AM
I have too many credit cards and have spent the morning cutting them all up. I am done with them. My problem is I have too many payments to track each month and would like to simplify my budget. What is the best way to move all the credit card balances under one card or to consolidate my debt? I am concerned if I do not begin to get it under control now, I will be in trouble later. However, I do not want 12 seperate payments each month, I would just like one monthly payment. Any advice? Thanks in advance!
10-10-2012 08:05 AM
Look to see if any of your cards have a nice bank transfer offer going on now? (0% apr for an extended period of time) If it's something where your situation is stable enough and you can afford the fixed payment for a year, then as adavis said, a consolidation loan might be your best bet.
Just keep in mind the percentage fee of the bank transfer vs. paying the interest on the loan. You'll have to sit down and see what offers there are out there and do the math to see which one will cost you less money over the time you want to allot for payoff!
I know how you feel! Battling and controlling debt myself! Be patient! You will get there!
10-10-2012 08:14 AM
Keep the ones with no AF and/or old age and consolidate the balances of the small ones onto one or two cards. I had the same problem. Going through the process now.
10-10-2012 08:28 AM
10-10-2012 08:50 AM
10-10-2012 08:59 AM
+1 on the BT.
I recently axe'd first premier after 4 years. CreditOne is next on my list. Even know CB is 0, i still have to pay them $9 per month fee.
I have nothing against them, they helped me get started.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.