What did you do?!!
This sounds something I’d like to do?! Do they actually pay off all your cards and you pay them monthly?! Like 1 of mine I stopped paying because they never helped me they never put money back on my account that a merchant messed up on and I faxed them over receipts and all and of course they never got them as they say! Which is bull! But the other 3 I pay every month but I’m just about to my limit
On them and just paying the monthly rn as I’m a stay at home mom for the time being..I also have a MasterCard rewards card that is also a balance transfer card too?! But one card as I stated is closed and obviously adding up.. would u recommend this?!

You can have all transferred to one card or apply for a loan and pay them all off. If you have a credit card that also gives you checks that are interest free for a year I would do that first to help your score go up and pay as much as you can off in that year then try to get a loan. You know your situation so look at what's best for you.

A credit card that gives me checks? I have a good credit card that’s a balance transfer a rewards card MasterCard capital one and i don’t know what’s best for me a loan or a consolidation on just the one card that I want off my credit the others I use but are high up there but still paying them so ok thanks for your help.. just don’t know how to do it when I have only roughly 600$ on one to pay off and if wanted to do all roughly 2,200$ that’s all and you paid off 30k or consolidated 30k jw how so much and through who where do I look ?! I guess I’ll ask around thanks

Yes, I’ve done this. It probably will save you money, but here’s the trick: You can’t go back to using the credit card and only paying minimum payments. Consolidate into a personal loan, and see if they’ll give you enough to pay off the balance PLUS $1000. If they will, the other $1000 becomes your emergency fund. LEAVE IT ALONE and use it only for things like your water heater goes boom or you lose your job. Consider tucking aside an extra say $50 off each paycheck to augment that fund. That will keep you from having to tap the credit card for rainy-day expenses.

Important to note: Minimum payments on a credit card aren’t enough to keep your balance from rising. You need to pay the interest for the month and a portion of the principal each month to get the balance to actually go down.

Check out Sofi. I did pretty well with them; if you have access to a credit union, that’s even better.

I just applied for a personal loan through lending club to Refinance our Lowe’s card. We remodeled our kitchen and pay more than the minimum every month but the balance is still pretty high after a few years of paying on it The interest rate they offered is 5.89% with an apr 7.95%. :). Just waiting for the determination. Fingers crossed they give it to me. I’ll be able to pay it off in about two years if I continue to pay the same amount we cure pay. Plus it will help my credit as I don’t have a lot of accounts. This will up my available credit, shrink my used credit ratio and add a different type of account as right now I only have credit cards on my report. Praying the Lord makes it happen.

Hey Cat!

 

Yes, you can consolidate but it might not save you much. In addition, you might actually get a bigger interest rate. If your credit is not great, you most likely won't get that personal, unsecured loan.

 

Once again, the interest rates went up at the beginning of the year so you will see an increase in your payment, finance charge and balance (UGH!). The fastest way to pay off credit card debt is to always pay the minimum + the finance charge each month. You will notice the balance drop. As the balance drops, the minimum payment as well as the finance charge will decrease. However, if you maintain the same payment, you will be adding to the principal payment and pay those nasty cards off even faster. It takes time but like you, I'm also antsy to pay them off faster.

Well I did try and they turn me down cause of my credit score do to the fact I was only paying the minimum on my credit cards. In the mean time that is what affect my score.

I did, I used a subsidiary of SunTrust called lightstream. Their interest rates were pretty good compared to my card's rates.

What if because you got swallowed by your credit cards, the bank won't approve you for a $3000 dollar personal loan to consolidate your debt? Are you just stuck floatin up 💩's creek without paddles now?

🚫💳

From my understanding you should try not to transfer balances or close accounts. For some reason that doesn’t look good for your score

Hi! I had been looking for a way to consolidate about $30,000 of credit card debt for a year or so and just last month I got an offer in the mail from Best Egg (it's a play on "Nest Egg" which, unbelievably, it took me weeks to figure out). I'd tried Lending Tree and SoFi and a few others and none would give me the length/term I wanted or a decent interest rate so I passed. Best Egg gave me three years and 7.99%. The application process took less than half an hour, I was approved within a day, and had the money in my checking account two days after that. I cannot recommend them highly enough. Like, if you could fanboy over a financial lending institution, I totally would. Check them out.

Can you suggest a reputable consolidation company??

no