Quick credit card question?

Alright I guess that%26#039;s an oxymoron, but here goes. Does anyone know of a loan (possibly through a bank) where I can cosolidate about $6K incredit card debt into a decent rate? I%26#039;m just sick of not making a dent in my debt. My credit is perfect. All ideas are welcome. Thanks in advance.

Quick credit card question?apply for a loan

you could go to your personal bank and ask them for what is called a consolidation loan....if they say no you could look up some companies in your phone book usually under debt relief and they usually consolidate your loans as well for a small fee.

if you are a homeowner you will have an easier time getting a consolidation loan, or they may suggest getting money from your morgage to pay off your debt. That way you will only owe the bank.

Quick credit card question?

loan

Transfer balances to zero-percent cards.|||LoL. Many people would wish to be in your position. I%26#039;m sure American Express will sort something out for you, MBNA or Visa... the list goes on, if you want to get yourself into debt, go and buy yourself a Maybach Benz or something.|||If you have collateral such as a vehicle, you should be able to get a good loan. I had this same situation in the past and took out a loan on my Jeep-- worked great! Also, you can pay down the smallest balance first and so on. Good Luck.|||Balance transers are the way to go. Not debt consildation.

Credit cards are always offering introductory offers where they let you transfer balances for zero interest. I got a discover card where I transfered 5k in debt from a high interest card.|||Yes, you can get a loan through a bank to pay off the card. Depending on the bank, they might only loan you 150% of what you make per month. So if you make $1000 a month, they might only loan you $1500. Then they can automatically take it out of your account.

If you get the full amount for the credit card, make sure you don%26#039;t use the card, or you will end up in the same boat now, but paying the loan on top of it.

If you can%26#039;t get the loan, then put as much money as you can on the card. If you make the minimum payments, 95% of your payment is going towards the finance charges.|||Try any finance company in your area. Get a fixed loan and make the payments. If you know your credit is good then shop with several for the best rate. And Do NOT take out their insurance for any reason. They will try to sell you unemployment and disability etc ---rip off.|||Balance transers are the way to go. Not debt consildation|||Avoid consolidating your debt onto one card. Depending on the number of cards you have this could become quite expensive. Most cards charge a transfer fee, up to 3% per transfer capped at $300 on balances.

If you own a home, then the best bet would be to take out a home equity loan. Depending on how much you need and how much your house is worth, you should be able to cover most of your debt. Even if you can%26#039;t, the interest you%26#039;d pay on the home equity loan is significantly less than what you would pay on various credit cards. So at least you could pay off a bulk of your highest debt with the loan and then tackle the rest of it while paying lower monthly charges on your loan.

If you are not able to take out a loan, then the best thing to do is revise your budget. Small steps aside (latte a day), there are ways to improve your position immediately. If you have any credit cards under 1000, try to pay them off.

Instead of putting all you balances onto one card with one low 6 month rate, pick two or three that offer the same transfer rate, and use them, that way you save on transferring those cards%26#039; balances too.

Then, and this can be tough, if you have a savings account, consider dipping into it to pay off debt. Even though you are earning interest on your savings, it doesn%26#039;t compare with what you are being charged on your cards. So even though it is in %26quot;savings%26quot; you are actually losing money because it is being saved at the expense of paying off your higher debt.

Once you have tidied up your credit cards, managed to pay off one or two, and consolidated the rest, start with the highest interest rate card, and make regular large payments. Make sure that you don%26#039;t do this at the expense of meeting your other financial obligations. If all the new balances have similar interest rates, pay off the smallest one first, again, with large regular payments, and work your way up to the last one.

The two links are pretty useful. The first one gives some info on home equity loans, while the second one is great for comparing almost anything financial related, loans, savings, credit cards. Plus it has plenty of calculators so you can crunch the numbers yourself.

Good luck, and whenever and however you pay them off, don%26#039;t cancel them. Keeping old cards open helps your credit record. As long as you are not paying an annual fee, like on AmEx, keeping an account costs you nothing if there is no balance.