Debt Consolidation

[Anonymous]

Hello

I'm new to this forum and wanted to ask what the best way to go about the following situation. 

I currently have about $30k of credit card debt.  I've been able to make the minimum payments but its getting harder and harder.  I've closed most of the accounts but still have 2 cards open.   (6 total) I

Is there a way I can conslidate the debt into one payment and have the cards all paid?   

I've been a homeowner for 2 years now and was thinking of taking a home equity loan to pay off the debt.  is this something to consider?   would going into a bank for a personal loan also be an option? 

Thanks

Jamie

[Anonymous]

Are these already on 0% or at least very low apr cards? If not why not BT to a card that gives you 0% BT so that 100% of your payment goes to the principle?

I read something that made a lot of sense to me a couple days ago.....never trade unsecured debt for secured debt. I'm not saying don't do the HELOC but think about other ways you can drop your payment and pay your debt quicker first.

[Anonymous]

My opinion is the same as BAM...never transfer unsecured debt to secure.  Try paying CC  when the bill is new, at least 20 days before due date. This way you are cutting the intrest down. Remember intrest is figured on a daily basic nor monthly

CC carries more weight as far as scores go.  do not close CC account as you pay off. good stays on Cr for 10 years...baddies fall in 7.  In this day & age you must have credit in order for you to have a score.

They also look  for length of history. paid CC is very good.

If you can get a card that will let you transfer at a % int. that would help.

Message Edited by HappyDays on 08-06-2007 08:08 PM

Message Edited by HappyDays on 08-06-2007 08:09 PM

[Anonymous]

Thanks for the response.  Most of the cards i had were about 11% apr.  i have a citibank card that will allow me to transfer balances and have a lifetime apr of 1.99% which is great. 

Is anyone familar with Genesis financial mgmt?    has anyone used them to help get rid of their debt?  my father-in-law recommended them as he used them years ago to help him get out of debt. 

thanks