Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
JandBinCLE

0 Contributions
0 People Helped
credit card debt consolidation for married couples...
My husband and I have a substantial amount of credit card debt with high interest rates (we got the credit cards when we were young and dating so interest rates are around 20-25%). We want to combine our credit card debt to have one monthly payment (instead of 6!) and a lower interest rate across the board. I'm wondering the best way to do this. Should we take out a loan to payoff our individual credit cards and then pay down the loan? Is there a debt consolidation program that would allow us to combine our individual credit card debt together? Is there a balance transfer card with a low interest rate that we could use to transfer all of our individual credit card balances to? Something else?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
491 Contributions
211 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

I would not use a transfer card for a few reasons, the biggest is that you rarely get enough of a credit line to cover all of your other cards.  So you just end up with some of them still and not really helping other than decreasing some interrest for a short time.  

I would talk to your bank in person about a personal debt consolidation loan.  They generally are more willing to help as they will set an auto draft from your accounts with them, and they may also only cut the checks direct to the CC companies to make sure that you do not use the money for something else, but this gives them peace of mind so they sometimes are more willing to work with you.

PLEASE be very careful as statistics show that people who do this, or do a cash out refi/2nd mortgage generally end up in worse condition as they just rack up the CC's again.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.