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!
BT? Consolidation loan? Close some cards?
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!
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.
If you don't have any BT offers apply for Chase Slate they have no fee BT and after you transfer few cards close the ones you don't want anymore.
+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.