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Advice on credit card consolidation?

My interest payments need to be brought down – Big Time! Can someone please help me with advice on credit card consolidation?


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4 Responses to "Advice on credit card consolidation?"

  1. saved_astronaut says:
    u may not realize this, but i once checked out several of these outfits & u cannot get help w/o paying high fees. they keep u in debt, which is Y self help may B best. if yer already paying & u signed something, then yer stuck. however, if the pmts r coming directly out of yer bank acct U CAN close it & place yer $$$ in2 a new acct. now when they find out their cash flow is cut then explain Y. NEVER give them the new acct #. another idea is open a new acct & set up dir. dep there. u can put a stop on the old 1 if u cannot close it.
  2. line.advice says:
    talk to your bank, if you have a mortgage consolidate it into your homeloan. If you don’t have a homeloan then you may be able to find bank that can offer a consolidated loan package.
  3. mjghunter says:
    Never turn unsecured dept into secured dept as someone else proposed. If you do that and you get into a situation where you cant pay your bills they will come after your house or whatever you use for collateral. First call the companies and see if you can get a rate reduction. Ask for a supervisor if you have to. Explain your situation and see what happens. Do this every month just before you pay your bill. I did the dumbest thing in the world by consolidating a credit cards into a Bank of America Credit Line (Actually it was a Credit Card). I listened to a loan expert from them and consolidated $32,000 of credit dept. Yeah a got a great monthly payment reduction, but 3 months into to it I sent a bill in by mail 1 full week before the due date. They told me that they have a 3 to 5 day processing hold for all mailed payments. And they claimed it was one day late. This gave me a $35.00 late fee (which they waived) and raised my interest rate from 1.99% for 1.5 years to 29.99%. My payment went from $349.00 / month to $785.00. So the moral of this story is be real careful about what you consolidate.
  4. Bobs says:
    Credit card consolidation is not easy as credit limits are just awful these days. Your new mantra would be to work on paying more and spending less. You could try some of these options – switch that debt over to somewhere else, consider taking out a low interest unsecured loan to pay off your debt or split the debt up between 2 or 3 new credit cards that carry 0% balance transfer offers. You could also look for advice from online credit card services like

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