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I’m 21 and have made some studip choices on getting credit cards and charging them up. I have $ 8000 in debt and am still in school. Is there any way to get this reduced or set up as one payment. I can’t continue to keep making the payments due to living expenses. Thanks.

9 Thoughts on what is the best was to consolidate credit card debt?
  1. Reply
    Jerry T
    November 9, 2011 at 12:42 pm

    Start immediately and pay off the smallest debt first and then work your way up to paying off the largest.

    And you may have to decrease your living expenses to increase your ability to pay off your debts.

  2. Reply
    Dave S
    November 9, 2011 at 1:23 pm

    Consider looking at getting a personal line of credit. Several banks offer this for students at discounted interest rates. Use the line of credit to pay off your credit card debts.

    Get a job and work towards paying off your line of credit. Budget your income and minimize your expenses. Consider speaking to a professional at a bank for advice on how to structure your repayment.

  3. Reply
    November 9, 2011 at 1:45 pm

    Only route I know to go other than getting a personal loan is trying to get a single card with 0% and 0% on balance transfers. Get as many as you need try to shoot for the 1.5+yr 0%. Transfer them all and pay them ASAP. Worste case scenario you can do the same again.

  4. Reply
    November 9, 2011 at 2:45 pm

    It doesn’t make sense to consolidate your credit cards unless you can do so at a much lower interest rate. Does it matter if you owe one account 3% of your balance or if you owe six accounts 3% of your balance??? Make a plan to pay off that $ 8,000 as quickly as you can by reducing your expenses or increasing your income. The stupid choices you made in the past were made in the past… don’t let that carry over to the future. Save credit for home, car and other necessary purchases and use cash as well as a clear defination of “want” and “need” by shopping value instead of price. A sale on an item today won’t save you money after paying interest, late fees, overlimit fees, etc. Get yourself a plan … and stick to it!!!

  5. Reply
    November 9, 2011 at 3:15 pm

    There are Free credit counselors out
    there to help you get free of your credit
    card debt. they work with your creditors
    and you may pay just one (1) payment
    per month, until it’s all paid off. You can’t
    charge anything while this is going on,
    but they will show you how to stay debt
    free – if you do as they say.

  6. Reply
    Faisal R
    November 9, 2011 at 4:15 pm

    every time you intend to pay your credit card try to fullfill 20% from your obligatory payment.

  7. Reply
    Cathy V
    November 9, 2011 at 5:06 pm

    I was searching the Internet and discovered a website that provides free advice on mortgages, loans, debt consolidation, refinancing, new home purchases, home equity loans etc. They also have a directory of rated best lenders accros the United States. Their loan experts can shop for the best rates and lower payments for you. Maybe you should try them.

  8. Reply
    felix hallam
    November 9, 2011 at 5:50 pm

    Credit card debt consolidation can be a good solution if you have something to offer as collateral, usually the home you live in. But, things are not so gloomy for those who are not a homeowner, or those who don’t have a good credit history. Banking and financial institutions present a good number of options for such people to get themselves out of debt.

    There may be lot of options but the poor credit situation and the fact that the borrower is not a homeowner goes against him or her in deciding the terms of credit cad debt consolidation. The lenders when they find that there is no collateral to secure their loan, they hike the interest rates and give a considerable less amount of loan for credit card debt consolidation. Read more about it at:,Not_a_homeowner_Save_more_on_credit_card_debt_consolidation_with_these_tips

  9. Reply
    See Saw
    November 9, 2011 at 5:57 pm

    Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.

    When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.

    All credit card debt consolidation loans include some type of credit card and debt counseling. You have to trim your lifestyle to eliminate unnecessary expenses. This will allow you to set your house in order. But this necessary, as the ultimate goal of debt consolidation is to help you out of debt, while keeping your home.

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