Best Way To Consolidate Credit Card Debt

I have racked up about $10,000 in credit card debt stemming from college and medical expenses. What is my best option as I am still a student and working with a very limited budget? Are there hidden catches to debt consolidation companies; if so what?
What is the best way to negotiate with creditors to lower the debt?

i say do it your self -- down size your life style to the bare bones and only buy what you need now what you want -- than take the credit cards and start paying they down with each getting the required payment and the highest interest receiving any money that is left over from your new life style!!!

2007-10-02 16:11:30 by A Phi Football Fan

Ways to consolidate credit card debt include using balance transfers and contacting a credit union or bank for loans. Condense credit card debt ...

Just had a major surgery and racked up some major credit card debt while being out of work. Just looking to see where I could start now that I am going back to work.

If you are able, take out a home equity loan. Pay off the credit card bills with the proceeds. Then pay off the home equity loan as quickly as possible. This is a win-win situation. You get the credit card bills paid off, plus the interest on the home equity loan is a tax deduction.

Or, you could line up the credit card bills by 1)interest rate, 2)highest amount owed to lowest amount owed, or 3)lowest amount owed to highest amount owed. Whatever way you line them up, start paying them off.
I preferred the lowest amount owed to the highest amount owed. I paid the most money to the lowest balance, then paid the remaining bills just above the minimum required. As the lowest bill was paid off, I then applied that same amount plus the minimum to the next highest bill. As that bill was paid off, I then applied that amount plus the minimum to the next bill, etc.
Now Susie Orman would disagree with this method, but I found great satisfaction in seeing the bills disappear more quickly than if I had paid off the highest interest rate bill (regardless of balance) or the highest balance bill first. Plus, I think when you have big bills hanging over your head, you need to see progress as quickly as possible. It really gives you a boost to see those bills drop off the face of the earth.

Good luck!

2007-05-05 12:40:50 by metro7

Without refinancing a home, what's the best way consolidate and pay off credit card debt?

This strategy will help you pay off credit card debt if you are willing to work for it.

1. You will eliminate credit card debt-- Make it a resolution

Put it everywhere, in writing. It could be your study, kitchen, toilets, your desktop wallpaper etc. The idea is to reinforce his thing, once you see it everywhere, your natural faculties will automatically work towards achieving it. If you are alone, who is suffering from this credit card debt then it's ok, otherwise if you wish to slash the credit card debt collectively, everyone should agree to the task.

2.Reduce the number of credit cards, consolidate

Sit together, and think which credit cards you require, keep them, get rid of the rest. Ideally you should be having one, but diversity of activities in life demand more types of credit cards, so it should be a tradeoff between the requirements and the credit cards you have. If you have credit card debt from multiple cards, go for a credit card debt consolidation. The idea is to pay off credit card debt faster and in a more manageable way. Don't relax and be sluggish with your credit card debt repayments.

3. Make sure that you spend less than what you earn

This is most important. If you are not able to live within your means you will be in debt- in one way or another. Budget out your finances and get rid of wasteful expenditure. Make weekly, monthly, quarterly and yearly goals. Don't complicate things while budgeting. It is easy to get carried away while doing this exercise and if you are planning in group make sure to take care of the sensitivities of your partners. The idea is not to create conflicts, but to synergize and work towards becoming credit card debt free. Read more from: http://www.credit-card-gallery.com/credi t_card_debt_elimination.html

2007-06-05 03:17:05 by wvfilmmaker

i would need answers from people that went through credit card debt consolidation themselves to answer, please no advertising or financial company, thanks.

I did go through credit card debt consolidation, I paid $25 to a firm that supplied me with a selection of about 50 banks to choose from.
These are smaller banks which don't spend tons on advertising their products so they can do amazingly low interest rates.
I chose the one closer to me, went to have a talk etc, to cut it short they paid the debt for me and I paid them a monthly instalment, at 6.5% interest.
Since there are $25 to be paid and you ask for no financial company then I won't advertise anyone, just look for something similar, it worked for me and my experian report comes up clean.

2006-11-06 06:59:52 by patosh

Get a personal loan and pay off those credit cards asap.

2006-01-02 01:41:12 by a