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perryellis7 · Joined: 18 Nov 2008 Posts: 1 1.36 Dollars($)

I am thinking of consolidating all my credit cards into one.
Is it a good idea?
How does it effect my credit?
Will it show up on my credit?
How does it help?
Any suggestions?

Thank you.

smithsussane · Posted: Tue Nov 18, 2008 9:54 pm Post subject:

Hi perryellis!

Welcome to forums!

Credit card debt consolidation is mainly done in order to reduce the interest rates or to increase the term to pay off the debts. As far as I know, the debt consolidation will have a positive effect on your credit report. Once you pay off the debts, the credit report will show that you have paid off the debts in full.

Feel free to ask if you have further queries.

Sussane

Guest

Thanks. What is more feasable, putting it all on one card with a low rate, or going through a respected company who specializes in consolidation?

jerry · Posted: Wed Nov 19, 2008 3:00 am Post subject:

Hi sam!

If you put all the credit card debts into one account, then it will not be a debt consolidation but a balance transfer. Moreover if you suddenly close all the cards, it will have a negative affect on your credit score. Your credit limit will also decrease compared to your total balance on your cards. Thus, it is always better to go for a debt consolidation company who will help you in consolidating the debts. I know a community who are involved in debt consolidation - "www.debtconsolidationcare.com". You can visit their website and also speak to the financial coach who can assist to decide which is the right option to pay off your debts.

Thanks,

Jerry

gmakerley · Posted: Wed Nov 19, 2008 8:49 am Post subject:

hahahaha...what is a "respected company" that "specializes in consolidation"?????

most of those "specialists" i have been made aware of are less than trustworthy.

check out a credit union if you want to do this - it's not a bad idea as long as you know how to avoid taking on new debt with new credit cards, etc.

Guest

Do you have any suggestions about any credit unions?

gmakerley · Posted: Mon Dec 01, 2008 3:20 pm Post subject:

sam, i suggest you do a google search for "credit unions in ?" - replace that question mark with the particular state in which you live. you'll probably find a whole lot of information. pick one close to your home and check to see if there are specific requirements for your becoming a member. if you meet the requirements, call them; join and take advantage of their services.

keep in mind that a credit union isn't owned by stock holders, but by people like you and me, so there isn't some need to satisfy specific earnings, etc. to keep stock prices high, for example. you'll find that interest rates on loans are almost unfailingly better than at any other financial institution.

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