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Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Can I just consolidate my credit card bills into one? Not a debt consolidation company..?

Can I just consolidate my credit card bills into one? Not a debt consolidation company..?

I would like to consolidate all of my credit card bills into ONE bill each month. I don’t want debt consolidation, I don’t want any stupid company that is going to take my money, I just want to be able to put all of my credit card bills into one big payment each month. Is there a company that isn’t going to take half of my payments each month to do this?

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8 Responses to "Can I just consolidate my credit card bills into one? Not a debt consolidation company..?"

  1. the tax lady says:
    The only options are:

    1. Keep paying each card separately.
    2. Transfer all the balances to a single card and pay it.
    3. Go to your bank and ask for a personal loan, pay off all the cards and then pay the bank back.

    Frankly, only option #1 makes any sense.

  2. spidergoat2 says:
    You can do it yourself. Many credit card companies offer you the opportunity to move your balances from other cards to their card. The big advantage is, they will often offer you a lower rate for the first year to do that.

    That means you will automatically get a discount by moving to the new card.

    A quick search shows Citi Bank will give you 18 months interest free if you move your balance to their card. How’s that for a deal.

  3. Payton says:
    Yes, you can get another card and put it all together, but make sure the interest will not go up to high and if you do this get one that will give you 6-12 mo of free interest to pay it off and send all that you can and then you might be able to get it all paid off and save all that interest. I am not sure how much you owe, but that is a good plan. you sound like you have it all on track. just stay with your plan.
    Good luck
  4. Roy says:
    I hear what you are saying, give me something simple. However, simple is never the case with credit cards. The banks are in make up mode and the Fed has gotten in on setting some rules for them. However, banks are great at marketing and making money, ha ha, that is their business.

    The biggest thing to focus on with money management is behavior. Moving all the debt to one card will just complicate things. You are headed in the right direction of paying them off.

    Here is a suggestion: Setup an automatic bill pay at your bank with each card. That way all you need to do is adjust the amounts when the bill comes in.

  5. Poppy: Whiskey Tango Foxtrot? says:
    You can do a balance transfer … be sure though to read the fine print.

    We had pretty high credit card debt after my husband was laid off for 9 months — we did a balance transfer … and also took out a bank loan at a low interest rate (much much much lower) than our cards. We paid off all the cards in full (except the card we did a balance transfer to) with the money from the bank loan — and we are now paying the bank.

  6. Alex says:
    How much are you willing to pay to only make one payment each month?

    I agree, debt consolidation companies are not the answer. The only possible solution for one payment would be a personal loan through your bank, but these are very difficult to get in this economy, plus they often cost more than having multiple payments each month.

    The best solution is to take a targeted approach to paying off debt. Prioritize your debts, make the minimum payments on all debts except #1 on your list. Once that debt is paid off, take what you were paying toward it and put it toward #2 on the list. There are a few approaches to prioritizing debts: lowest balance, highest interest rate, highest minimum monthly payment. Lowest balance will mean paying off one account the fastest. Highest interest will generally save you more money in the long run. Highest monthly payment will mean more money freed up for the next debt. Each of these are valid approaches, which one is best depends on your specific portfolio of debt.

    Also take into consideration special circumstances for your accounts. Paying off a car loan *could* mean lower car insurance costs. Variable interest loans could mean higher/lower interest rates and monthly payments in the future. Promotional period accounts will charge a higher interest rate in the future and could charge a fee or back-interest if the balance is not paid in full by the end date of the promotional period.

    Below is an excel template where you can run scenarios for debt repayment, including the account pay off dates and total amount paid for each scenario.
    http://www.vertex42.com/Calculators/debt-reduction-calculator.html

    I suggest creating a budget and getting organized about bill payments. DaveRamsey.com has lots of great advice and templates available for free; Mint.com is a free budgeting website that takes some of the work out of tracking every dollar spent. A budget is simply making a plan for your money before you get it. As far as the timing of bills, I suggest making a list of when bills are due, then paying all those due before the next pay check as soon as you get paid.

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  8. Vicki Neal says:
    Hi friend

    Unfortunately most of the web-sites online that offer debt relief are scams.I can suggest you one of them that really works… no doubt.

    They helped me to save more than 30% …

    If you are serious about that, Enter: http://DebtHelper.info

    Hope this will help

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