How To Consolidate Credit Card Debt On My Own Without Using Debt Settlement Companies

[Anonymous]

Things sure have changed. Balance transfers are harder to get or now have 3-5% charge up front. And by the way the offers that I get in the mail never tell you what the minimum payment is so you figure out what to do. I mean one of my Chase accounts doubled the minimum payment. Great job with financial reform crap they feds gave us. I mean I would like to pay it off quicker, but there always seems to some expense that crops up.  So what is a consumer with a credit score in the 700's to do if want to consolidate the cards to a credit line where I can make one payment. Never missed a payment on anything, but now the basic cost of living has gone up to where I can do better by consolidating problem is who will extend $30,000-$50,000(maybe just $ 15,000 if leave one account alone) without getting a home equity loan. So is anyone out there extending credit to consumers who actually make the payments or are we getting shafted where the "problem consumers" seem to getting all the breaks?  Also how to tell if a company is legitimate?

[haulingthescoreup]

Welcome to the forums!

I'd look into your local credit unions, asking about either a consolidation loan or just a signature loan.

How many CC's with balances do you have, besides the one big balance card?

And may I ask, where did you get your "credit score"? Chances are that your lender will pull your FICO scores, and many consumers buy non-FICO (aka FAKO) credit scores from credit monitoring services, etc., that have nothing to do with what a lender is looking for.

And also, although I do know that this is tough in these times, I would strongly advise getting a second, part-time job. I started working 2 jobs several years ago just to knock off some student loan debt, and you can't beat having extra income to deal with this.

[MarineVietVet]

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@Anonymous wrote:

Things sure have changed. Balance transfers are harder to get or now have 3-5% charge up front. And by the way the offers that I get in the mail never tell you what the minimum payment is so you figure out what to do. I mean one of my Chase accounts doubled the minimum payment. Great job with financial reform crap they feds gave us. I mean I would like to pay it off quicker, but there always seems to some expense that crops up.  So what is a consumer with a credit score in the 700's to do if want to consolidate the cards to a credit line where I can make one payment. Never missed a payment on anything, but now the basic cost of living has gone up to where I can do better by consolidating problem is who will extend $30,000-$50,000(maybe just $ 15,000 if leave one account alone) without getting a home equity loan. So is anyone out there extending credit to consumers who actually make the payments or are we getting shafted where the "problem consumers" seem to getting all the breaks?  Also how to tell if a company is legitimate?

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Hello there.

In addition to hauling's usual excellent advice I would say that no company can do for you what you can't do on your own. There is no reason to pay anyone to repair and rebuild your credit. The knowledge and experience available here in my opinion is second to none. If you stick around and ask lots of questions and read everything you can find and are determined to get to a better place financially it can be done.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[RobertEG]

Hi and welcome!

I dont understand what consolidation will do, or is anticipated to do, for you..

IF you now have substantial debt at rate xx% APR, what incentive is there for another creditor to take on this high debt at a lower APR?

If they do "consolidate" the debt at no lower APR, then you have the same debt, and same montly interest, whether it be multiple payments, or one "consolidated" payment. I just dont understand the gain.

Getting a BT or consolidation does not address the debt itself, unless at a lower outlay of escalating monthly interest.  If you cant get a BT at a lower rate, it is the high debt that is the threat to them upon accepting repayment.

Can you please explain the incentive to other creditors to assume this debt?