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Debt Relief – Insolvency – Bankruptcy Information » Credit Card Consolidation » Can anyone give me some info on credit card consolidation?

Can anyone give me some info on credit card consolidation?

I have 1200 bucks worth of credit cards that I’ve been paying on but I lost my job and can’t afford the payments anymore…is there anyway to get this small of a loan to help me out?


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5 Responses to "Can anyone give me some info on credit card consolidation?"

  1. California Guy says:
    Your best bet is to go online to find debt & credit card consolidation firms. Do a Yahoo or Google search. You will find a ton of them.
  2. mark l says:
    I made a website that helps you find the best debt consolidation for your situation: click on debt-consolidation
    There is a calculator there that will help you find the right loan. I hope this helps.
  3. Studly says:
    As long as these cards are not currently delinquent, and you currently have a decent credit rating, you should have no problem getting a consolidation loan.

    Start by checking with your local credit union. You can also consider getting another card with lower intro interest and roll the balances over to that card.

    Just take this piece of advice….if you consolidate loans, you MUST stop using your old cards and stop getting any further credit. Pay off the consolidation loan first.

    Over the past few years the banks have suckered many people into this trap. You consolidate your loans, then turn around and run up the now-empty credit cards all over again. You are now twice the amount in debt!

    The result is bankruptcy. Last year thousands of people filed bankruptcy for this very reason.

  4. bill b says:
    There is some useful advice here.
  5. lacy k says:
    It is a sad fact of life that many of us do not know how to budget our spending on our credit cards. We see the limit on our cards and seem to think that we have to spend all of this money in the next 24 hours, otherwise they may take the card away from us! We then spend the next 4 years trying to pay back all the debt we just accumulated. All of this stress is then compounded by the fact that we have to make, at minimum, the minimum monthly repayment to the credit card company.

    To avoid this, and to try and find a way to source our debt at a lower cost many of us turn to the option of consolidating all of our outstanding credit card debt as a personal loan, which we then pay back monthly.

    Although both of these debts are similar in nature, i.e. unsecured, the personal loan method is much cheaper than the credit card debt. So, if you have credit card debt outstanding that you believe will take you more than 1 year to repay, the time may well have come to consider the third reason why it may be more beneficial to consolidate your credit card debt as a personal loan.

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