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Level 6

Re: Has anyone ever consolidated credit cards into a personal loan?

Hello,
This is a great way to get out of debt. I had six credit cards with over 18000 on them combined about eight years ago. I went to my bank and received information on a consolidation loan. They asked me how much could I afford to pay a month. They created a loan term for me with the monthly payment I requested. I then had to give them every credit card account information as they were going to pay all the cards off directly. From that point they would close every credit card account. This was good becuase it prevented me from using the cards to get more in debt. My credit score jumped up due to all the cards balance going to zero. Now I had one monthly loan payment and was able to pay a little more than the minimum to save on interest. This was the best way for me to get out of credit card debt and I would recommend for anyone as long as you make sure those credit cards get closed so you cant keep using them to get yourself into more debt. I hope this helps.