I have about 3,000 in debt from credit cards and medical bills and and each card has a high APR and interest rates. I’ve been ha ving trouble making on time payments. I was thinking about transferring all the debt into one card so I can make one large monthly payment without so much interest. Is this a good idea. What is a good card or company to go with or should I talk to those debt consolidation people. I had my time of plastic crazy and want to get my credit rating back to were it was.
I also have student loans to apply for soon and was going to start paying the interest on those right away to save money in the long run.
What should I do? Thanks so much!
I work full time for a huge global company and live on my own and am 19 am starting school soon.
So of course money is going to be tight.
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{ 3 comments… read them below or add one }
Fair/poor will not get you a good rate on anything. With 3000 you go out and work at McDonalds for a few months and then it will be gone forever.
Good luck.
If you can get a lower APR on balance transfer to another card then do it but read the fine print because they may say its low on transfers but if your late even once on you payment your APR will skyrocket, and if you have been making late payments on the cards you have now then that’s where the high APR came from in the first place, whatever you do the most important thing is to get at least the minimum payment in on time every month.
If I were you I would talk to my Credit Union. In most cases you can find a Credit Union in your area that you can belong to (see link in Sources).
I would NOT go to one of those consolidation people (unless they were affiliated with the government). Most are out for themselves and trying to make money off you. If you do not have a Credit Union (CU) you can become a member of, then a bank would be OK. You have to be more careful with a bank because they are also a profit based business. CU’s are not for profit organizations.
Consolidating your credit cards into a single loan could help. Watch the interest rate and make sure you are not paying more. You might have to get a co-signer (if you can find one). Also, watch out for low teaser rates that will rise soon after you get your loan (or credit card). By missing some payments, you have probably hurt yourself so your credit score will not be good. Your current credit card interest rates may have jumped up too. (They do that if you start missing payments.)
If your current job does not provide enough income to meet your expenses, you are going to have to bite the bullet for a while – lower your expenses and do extra work to get back on financial track. I think a Credit Union could help you with that. Do an internet search on “Credit Unions” to get more information.