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Daisy2flowers

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How do I consolidate all my debts so I just have one payment with only good or fair credit rating?
I need to consolidate all my payments so I just have one payment and not being to try and juggle which credit card I should be trying to pay off first. Maybe I should be asking, which credit card do I pay off first if I cannot get a loan to consolidate my debts?

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First off, can you consolidate the cards onto a card you already have?  If so, that would be best, so you don't take hit on your credit for opening a new account.  If you can do that, choose the card with lowest interest rate to consolidate to.  If that doesn't work, you can always try your bank/credit union for a consolidation loan.  If you do consolidate, don't close the old cards, that will hurt your credit.  Keep them open but don't run up balances or you'll be back in a pickle.

If consolidation is not an option, there are a few different ways to approach pay-down.  Some folks like to pay off the cards that have the highest interest rate first, so they save on the interest.  Some like to pay off the smallest ones first, so you get a sense of accomplishment (which is also important).  For more information, I suggest www.credit.about.com and click on tab "Pay Off Debt"; lots of great info.  You don't have to sign up for that website either, it's easy as pie!  

Best of luck on your path to financial independence!

Reply by
BB82

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Me and my husband have "very poor" credit due to debts from few years ago therefore even though currently i am doing eveyrthing timely my score is still stuck in high 580-590s. We want to consolidate so we can make one low monthly payment, do you any debt consolidation company? I don't know where to start.

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