Consolidate credit cards??

@Virgie60 (556)
United States
October 13, 2008 6:10pm CST
Should a person do this? I hate the interest rate on the credit cards and wonder if it would pay to consolidate or not? Has anyone done this? If so do you think it helped? I wish that the cards didn't have so much on them. I haven't even used some of the cards for a long time. Trying very hard to get out of debt and if this would help I would do it. Any advice on this? Also please don't judge me on this. My family has had many medical issues which caused alot of our debt. We are basically simple, frugal people so we did not accumulate credit card debt because of going on big trips or buying fancy cars. Mostly trying to pay off medical debt so then used the cards to buy groceries and such. Now desperately trying to dig out of debt. Got another job so I am hoping that will help. Thanks.
1 response
@BubblyIan (751)
14 Oct 08
If you are very organised you can use one interest free period on one card to pay off the previosu one. There are difficulties with this approach during the current credit crunch and your credit rating will be badly affected. The best solution is to pay off more than the minimum payments on each card and pay them off as soon as possible. If you have many cards, check the current interest rates and see which is the cheapest and transfer the balances to that one. You might find that there are bonuses on some cards for doing that. Also unsecured loans are sometimes at lower rates than credit cards. You may find it difficult to borrow more to consolidate anyway. You may want to consider talking to a debt adviser. Find one that is free. In the UK youc ould talk to your local citizens advice bureau where free advice is available. Best of luck but don't bury your head in the sand!