I have some debt in several cards and would like to consolidate into one but I do not want to do a consolidation program.  It requires me to declare deliquent on my cards.  I have tried snowballing but if I can find a credit card that will allow me to put together all of my debt into one that will be great.  Any suggestions?
129234
Yeah-- don't fall for that "consolidation" stuff. It'll damage your credit.\n\nIt's all about the interest rate. Figure out what interest rate you are paying on your cards and try to get the balance(s) all transferred to the lower rate.\n\nA lot of credit card companies try to get you to use them by hooking you in with a zero or low rate for balance transfers. Get one of these offers and transfer all your balances to it. And don't put any purchases on that card! If you put a purchase on it, the zero interest rate no longer applies and won't until the entire balance is paid off.\n\nYou might not be able to get another card. If not, just pay the larger interest cards off first. If interest rates are the same, it doesn't matter if you pay on a bunch of cards or one-- you end up paying the same. It's a hassle to make more than one payment, though.\n\nJust play the rates-- pay higher rates off first; shop around for transferring to a lower-rate card or offer.\n\nGood luck!
484048
You need a good consolidation company.\nConsolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.\nA credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.\nHowever, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.\nMore here: http://finance.ebookorama.com \nalso plenty more to read here\nhttp://credit.ebookorama.com\nhttp://credit-cards.ebookorama.com\nhttp://credit-repair.ebookorama.com\ngood luck!
187011
I would to have to say honestly  that I wouldn't do that if I were  you. I would not go in that direction. I wouldn't want to be in your shoes when the bill  comes in for that  credit card(s) start coming in cause in the long run you will have you self A NICE  BIG FAT HOLE DUG AND it will take a long time to dig your way out, and then it will take you a much longer time to really get  any kind of credit and NOT JUST  WITH  A BANK . My husband & I did it once with a gas card thought we were smart . In  the long haul of it all it took forever to pay it off cause IT'S LIKE HAVING ONE OF THOSE REVOLVING  accounts  &  when the bill arrives, IT   COME  IN WITH LARGE FEES  AND percentages attached TO THEM too !!   It may take awhile to rebuild your credit with you being single but you would be better off waiting awhile than to put yourself into that kind of debit especially with a divorce  and all. BE PATIENT AND WAIT THAT'S MY ADVICE. I DON'T BELIEVE YOU would be very happy if you put yourself in that kind of debt !!
81128
Absolutely close or cancel any un needed cards. If not for security reasons alone. Banks look at how much credit you have"open" and available to you. They compare this to your income to get a ratio. A debt to Load ratio. So if you have 5 cards out. that's realistically 3 too many.You need to keep a "balance" between having some credit cards and too much debt. You need a few cards open and active to satisfy the companies that you are worthy of more credit but not too much to have them think that their acct is the one that you will default on.
655190
Debt consolidation companies that claim to reduce your debt make you pay a monthly payment, and when they have enough money saved up, they will negotiate settlements with your creditors. In the mean, no payments are made to the creditors so they will still be contacting you and report as past due and settled accounts to your credit bureau.  So, it may save you some money, but your credit is shot for a while. Plus they will charge a monthly fee.\n\nCredit counseling agencies make payment arrangements with the creditors based on the creditors policies. Creditors will reduce their interest rates and stop fees but will still get the full balance. Generally your payment is lower. It's also designed to pay off in 3-5 years. The creditors may notate the account that it's being paid through a credit counseling agency which may show as deragotory to some lenders. In the long term, since the debt is paid off, it won't be as bad. \n\nIn conclusiong, Debt consolidation or settlment companies may save you money, but it will hurt your credit. Credit Counseling will help your credit in the long term, but be more expensive since you pay back the full balance.\n\nI know that's more than you wanted to know.
283362
Just get any credit card, doesn't matter what the interest rate or anything is. Just make sure you pay it off every month then the interest won't matter and it will help your credit rating. Make sure the card doesn't have an annual fee either. Then eventually you will be offered better credit cards. I currently have 7 credit cards because i opened four credit cards when i was 17 then went from there and now i have better credit cards with rewards.\n\nDo not listen to the people that are telling you to get debit cards, if you want a credit rating you need to have available credit which doesn't apply to a debit card.\n\nAlso, getting a credit card from certain stores such as Victoria's secret don't necesarily work as a real credit card, they are only limited to that store.\n\nCiti card would be a good card to start out with, you just have to be responsible with it, if you want a good credit rating you can't abuse it.
300644
Regarding those two low interest CC's, are those interest rates fixed for the whole term or do they expire on a date.  Read the fine print, I think you will see they expire from 6-12 months after you made the transfer.\n\nNow, if those interest rates are fixed, why would you trade those in for a higher interest rate?  Even the benefit of a tax write off doesn't justify it.  If your only reason for doing it is fear of a late payment triggering the penalty...then get diciplined!  Make sure the payments are sent!\n\nRegarding the other cards....\n\nLet me say that I'm in favor of balance transfers and debt consolidation.  BUT....the danger is that when you do it, you must dicipline yourself on your budget.  \n\nOver the past two years, thousands of people fell into the trap of consolidation. Then they turned around and ran up their credit cards again.  Now they have twice the debt!  It ended up with them filing for bankruptcy.\n\nIt sounds from the way you are talking that you are on that path.  So take my advice.  If you consolidate, cancel all your paid off cards and budget yourself!  Otherwise you will lose your Coop.  \n\nDon't play the balance transfer game!  It's going to ruin you.
536051
You might call the number on the back of you card and inquire what credit amount you have remaining. It would serve you better to reduce your personal debt.
222077
Would need a bit more info to advise you.  How many credit cards arewe talking about, what balances, what state?\n\nTake a look at the link below.  It describes what the Statute of Limitations is, and the reporting period for your credit.  \n\nLike Icsowesmemoney stated, they can sue you.  But as a general rule, they usually don't go after you unless you owe more then $1000, and it depends on if the collection agency is located near you or not.  Having to hire an out-of-state attorney isn't worth it unless your balance is fairly large.\n\nIf the Statute of Limitations has run out, you are home free.  If it's about to run out, you can gamble and hide from the collectors.  \n\nAs for your credit rating, debts are reported for 7 years, beginning on the day of the delinquincy.
335186
There are some key points to consider.\n\nDon't just get a credit card and not use it. Zero activity on a card proves nothing to the Big Three (Experian, Equifax, TransUnion); they are looking for people who use credit and use it within the bounds of what they can afford. In other words, how can you upscale your credit score when you don't use credit?\n\nSo the best method is to use your credit card(s) but keep your usage in context with what you are able to pay. Low credit scores happen when you over-reach and cannot repay within the schedule determined by the card 'package', i.e. the %APR, annual fee, etc. Simply purchasing $x of product and then repaying it at the end of the month will not raise your score very quickly. It's actually better to retain a surplus of debt on the card that gets carried over after you've paid the monthly minimum. You can find many articles on the web (Google) on this topic.\n\nIf you are currently struggling with debt then you should consider consolidation. It's a great way to take multiple credit accounts with all their different APRs and fees and put them into one account with one APR and one payment. Often by doing this you can reduce some of the interest you are currently paying, ultimately reducing the total amount of money you will pay.\n\nThere are a number of companies that provide debt counselling and debt consolidation services. However, depending on your location, there are a number of charities that will provide this service at no cost. You should search Google for services in your area.\n\nAlso, if you are in the US you will have seen the FreeCrditReport.com commercials. Do not even think about going there. It is a paid service with a 14 day free trial. The website redirects to a completely different domain, and I for one consider this to be little better than a scam. By contacting the Big Three directly you can actually get your credit report for free or a small one-time fee.
645681
Only consolidate if you have over 10k in loans, otherwise it's really not a big $$ savings. If you want to lock in your rate, it locks your loan in, and you can't move it to another lender.
512784
bascially card companies will start you with the highest interest rate they can depending on the card 17-18% dept store cards are up to 30% so be wary of those! Then its a per annum rate divided monthly based on the amount of credit you owe ( how much youve charged to your card) Not sure how long you've had this card but if you are good at paying your monthly amounts usually its 3% of the total amount owing you can get the overall interest rate dropped some to half the amount so be good to your card and don't accept the high rates just call them up tell them you have been offered another card with a lower rate and your thinking of doing a balance transfer why pay more them than you have to!
668322
First off, each credit card is different. Many have a higher minimum amount you need to pay each month. They all have completely different interest rates. My advice is not to put anything on a credit card that you can't immediately pay off. Otherwise you'll get bombarded with interest rates. There's really no reason to put $20 on a credit card. Why not get a debit card instead. It's linked to your checking/savings accounts and will only let you spend what you have available.
381337
even if you went into the bank and lied your way into a personal loan (since banks don't generally give loans for debt consolidation), your interest rate will be totally dependant on your credit score...which is partially determined by how much of your available credit is currently being utilized.  Your easiest bet, albiet still dependant on your credit score, would be to apply for a low interest credit card with a low interest transfer rate (and no transfer fees).  If you can qualify for a card at or above your current debt level, you can transfer balances and hopefully pay it off before the interest rate hikes to it's normal level.  Another option is to look at your current cards.  They may be already offering transfer options or may be willing if you call them.  As long as your payments have always been on time, they will be flexible with you.  Otherwise, you need to pay the minimum on all the cards except for your lowest debt and focus all your extra bill money to the smallest card.  You'll pay it off quicker than throwing extra money at your biggest debt...you end up just paying off interest and not really getting ahead very fast.  Hehe 6% would be a luxury, but if you have a good enough credit score, it may not be impossible.  Check www.bankrate.com.  Great research site that will list tons of different credit cards, rates and any special things about them.
14205
Are you using an accounting software package?  Your question suggests that you are.  If so, there is actually an account type for credit cards.  You need to create a new account for that card.  You will also need to set the credit card company up as a vendor.\n\nCharges to the credit card would initially be booked either to an expense account or a capital account.  Then when you start paying off the card, you book everything other than the interest expense to the credit card account.
629154
You can close the newest ones without harm to your credit.  And you can close any that don't report to credit bureaus...some of the smaller local stores may not report, but big places like Sears surely do.  Just keep the oldest one or two that report open at least.  \n\nIn general, having a bunch of store cards isn't going to be a big plus for you, but one aspect of your credit score has to do with how long you've had credit open, so if you have a couple of long-standing relationships with one or two stores, it might pay to keep those open.\n\nOf course, there's never a penalty for cutting up the cards and not using them.  Just don't close the accounts officially.  (I have a JCPenney account that I've had for decades, but I don't know if I even have a card for it anymore)
624623
It is possible to get a debt consolidation loan with bad credit, but not all of your debts may be eligible. \n\nHowever, consolidating what you can could be a good start. Combine your credit cards, etc into one manageable debt. There are companies that will provide this, even if you have bad credit. This should free more of your income to tackle your other debts.\n\nAnd you must do this. Don't use debt consolidation simply as an excuse to rack up even more debt: if you do, you'll end up going bankrupt.\n\nForce yourself to budget your expenditure within your income. This must include whatever it takes to repay your other debts. Cut up all but one of your credit cards. Leave the one remaining card at home, to be used only in emergencies. Pay for everything by cash. When you pay cash it forces you to understand the real value of money!\n\nThis is hard, but if you stick to it, you'll not only repay your debts, you'll repair your credit as well. \n\nGood luck.