Debt consolidation help?
Question:
I have two credit cards, the balance on the first card is $3,598.22 and the balance on the second card is $11,005.89. I want to transfer the balance on the first card to the second card but the credit limit on my second card is not enough to accomodate the balance on my first card. They just raised my credit limit a few months ago and I have a feeling that they would deny another increase. They would not let me talk to their credit department to explain my situation. What should I do? My credit is good. Any suggestions on how I should consolidate them and not pay too much monthly. I'm currently paying $400 on the first card and $200 on the second card.
Answer:
Credit card debt consolidation means taking all your dues and consolidating them in one monthly payment. With debt consolidation you don't need to manage payments individually. Beside that, it will also cut down your interest payments, lower monthly payments, waive late fees, miscellaneous charges, improve your credit rate and help you to save money.
Credit card debt consolidation will be helpful for you if you know how to do it right way.
Here are some tips, which can be used as guidelines for credit card debt consolidation.
Basically, there are two types of credit card debt consolidation.
The first type is through a credit-counseling firm. Credit counseling firms will help you by consolidating all your monthly payments in a single payment and then separate this to creditors until you are debt free.
But you should be very careful while choosing your credit-counseling firm. Non-profitable credit counseling firms are not always right choice because they can be dishonest, sometimes they can charge high fees and do very little to eliminate credit card debt. Read more about it at: http://www.credit-card-gallery.com/artic...
I would go out and get a third card with enough limit to accommodate both of your existing cards and balance transfer them to it. Unless you have access to a home equity line of credit which makes more sense since the interest becomes tax deductible.
I had the same problems with cards and did the cosolidation thing and just ended up with one more card. Finally I used a financial coach to help me learn how to budget and have just paid off the last of my unsecured debt...finally. You can find these coaches around online even on auction sites. Places like financialmentor.com offer coaches and help, but require a commitment, while others will do one time evaluations and give you direction like Web Financial Coach (budgetsolutions@ webfinancialcoach.com). From my research there are about 100 others, so I suggest finding what fits you best, both from a commitment standpoint and a financial standpoint.
Credit Card debt can be a real trap...where you dig a deeper and deeper hole.
Check this simply plan to reduce your debt for good! You don't even have to pay a coach for this..you just need to make a decision to actually do it! (wink)
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Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.
When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
All credit card debt consolidation loans include some type of credit card and debt counseling. You have to trim your lifestyle to eliminate unnecessary expenses. This will allow you to set your house in order. But this necessary, as the ultimate goal of debt consolidation is to help you out of debt, while keeping your home.
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