Are there any debt consolidation sites that you recommend? I want to find one that I can trust...?
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If you can get a loan from the bank that is the best bet. A lot lower interest rate that Credit Cards. Just make sure you don't ring up the cards again till the loan is payed off, or you defeat the purpose.
Don't know but if you find out let me know. My son's girlfriend has $20,000 of student loans and was wondering what was the most economical way to do this. Any suggestions would be great.
I've worked with Genus/CareOne. They are really great and the "fees" are minamal - I'm paying on two credit cards - $50 each and %11 in fees. They also reduce the interest rate.
Consolidating all of your credit card debt into one loan may save you some money but it is terrible for your credit score. In the halls of the credit card companies the definition of a deadbeat is someone who pays his account off in full each month or doesn't use his card at all. The credit card companies make money when you use your card and carry a balance.
The best thing for you to do is spread out your balances so that no one card's balance is over 50% of the credit limit. If that is not currently possible, pay the balances down until you acheive that goal.
Once your balances are below 50%, keep paying and using your card as little as possible to keep the balances below that benchmark. The longer you go like that the better chance you will have of getting lower rate cards which may offer low rates on balance transfers. You might even be able to negotiate lower rates with the lenders you have currently!
consumer credit couseling is the best. it is very trustworthy. they will help you get your interest rate lowered and make low monthly payments to them that they divide amongst your creditors
If you own your home the best option is to refinance your house and payoff the cards. 6.5% is way better than 15% or more. The interest is tax deductable as well. I am sure your credit card interest is not. Questions let me know.
Debt Consolidation -http://www.askaquery.com/answers/qn1643.
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