HELP!! I'm in more CC debt than I can manage.

[jacetx]

I would say go to a credit union and apply for a consolidation loan. The risk with applying for a credit card is that you do not want to end up with a tiny limit that you can't use or be approved for $10k and your card being at +85% utilization when you transfer the balance.

[galahad15]

Sorry as I don't really have much advice to provide regarding the OP's question other than what the other posters have already mentioned, but I just wanted to offer the OP my genuine sympathies for her current situation, and wanted to wish the very best and good luck to her son's therapy and that he makes a fast and full recovery.

[Anonymous]

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@jace8602 wrote:

I would say go to a credit union and apply for a consolidation loan. The risk with applying for a credit card is that you do not want to end up with a tiny limit that you can't use or be approved for $10k and your card being at +85% utilization when you transfer the balance.

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Unless OP is looking to optimize their scores for something like a mortgage or auto loan, the utilization and score drop won't be as important as paying off the debt with as little in interest/fees as possible.  Since utilization has no memory, the scores will rebound as the debt is repaid.  I'm in the same boat, carrying high utilization on two cards with 18 months BT 0% offer.  My scores took the initial hit and are rebounding nicely after paying each month - that's better than paying interest in my book.

[jacetx]

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@Anonymous wrote:

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@jace8602 wrote:

I would say go to a credit union and apply for a consolidation loan. The risk with applying for a credit card is that you do not want to end up with a tiny limit that you can't use or be approved for $10k and your card being at +85% utilization when you transfer the balance.

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Unless OP is looking to optimize their scores for something like a mortgage or auto loan, the utilization and score drop won't be as important as paying off the debt with as little in interest/fees as possible.  Since utilization has no memory, the scores will rebound as the debt is repaid.  I'm in the same boat, carrying high utilization on two cards with 18 months BT 0% offer.  My scores took the initial hit and are rebounding nicely after paying each month - that's better than paying interest in my book.

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True. However, I'm taking into consideration that if OP has not paid off the balance after 12 months the rate goes up back to what? 19%, 22%? If OP is planning to pay off the debt short tem (6-11 months) the credit card is best option, if the plan is to pay for more than 12 months a personal loan makes more sense.

[Samac]

I would say OP could get a balance transfer card now and then another in 18 months a different one to flip it over because the utilization won't be as high then.

[Anonymous]

+1 samac

That's exactly what I plan to do. OP have you looked at CU cards like NFCU or PenFed. I know PenFed is always offering BT's. Great CU, love them. NFCU is awesome as well, there's a post about how to get in with them.

[Anonymous]

I think Citi would give the OP to small of a SL for what the OP needs.

Discover may not either.

You may want to try a CU with a low apr with no BT fees.

[Anonymous]

I will keep you and your son in my prayers and I hope he gets well soon.

[greent]

Citi has 0% interest for 21 months. Also read The Total Money Makeover by Dave Ramsey. It teaches you how to get out of debt. You can look him up online he has a talk radio show about finances. If you look on his website you can look for the radio station in your area. Good luck.

[RonM21]

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@jace8602 wrote:

I would say go to a credit union and apply for a consolidation loan. The risk with applying for a credit card is that you do not want to end up with a tiny limit that you can't use or be approved for $10k and your card being at +85% utilization when you transfer the balance.

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+1

I like the CU option also, even if for a card to do a BT on, imho