How do I consolidate my credit card bills?

January 6, 2009 by admin
Filed under: Consolidate Credit Cards 

I am a student with a substantial amount of debt. Not only from my college loans but mostly from credit card companies. I’m hoping to consolidate all my credit cards into one single loan without closing my accounts. I’m not a homeowner, I do have own a nice car, however. Unfortunately for me I have been unemplyed for the past four months. I currently have an income from internet enterprise, but it is still not enough to pay all my bills separately. What can you suggest in this case. Is it a good idea to consolidate my credit cards? Now with the recession coming I’m a bit worried that finding work might be more difficult than I initially expected, so if I could consolidate witha lower interest rates that would be really helpful.

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Comments

3 Responses to “How do I consolidate my credit card bills?”

  1. adam-w on January 7th, 2009 8:38 pm

    Why don’t you transfer all the balances to one credit card? I really don’t think you can reduce your payments, even if you could get a consolidation loan somewhere, your payment will be more or less the same. My suggestion is that until you have a proper income don’t charge your credit cards anymore. That’s where many people go wrong.

  2. jfkman on January 8th, 2009 1:35 pm

    Sounds like you’ve fallen into the debt trap so you need to earn more money and pay off your cards asap. Sometimes that’s the only way. Try something that you can do part time, maybe work based on commission? In some ways it is much more lucrative that a guaranteed hourly wage. Sorry, can;t give a better advice than this :(

  3. diego on January 9th, 2009 9:22 am

    Try calling the credit card companies and telling them about your financial problems. You’d be surprised how many credit card companies will try to work things out with you. Needless to say they want to get their money back but getting even a little bit is always better than not getting anything. I wouldn’t go with those debt consolidation companies because they will charge you an astronomical fee (so I’ve heard). Anyway, good luck

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