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What is the easiest way to consolidate credit cards w/out having to file for bankruptcy?

My husband and I have around $20,000 in credit cards and I want to get them all on one to only have one payment. Do I get another credit card and put them all on there, get a personal loan, or is there something else out there that can help us? We have good credit, so I don’t want to ruin that. Please help!!

There are several options available to you in a situation like this.

1. Search the internet for credit cards with lower introductory rates for balance transfers up to the amount you need. Just make sure that you check what the interest rate will be after the promotional period.

2. If you’re a homeowner and have $20k of equity you can apply for a home equity loan which has a significantly better interest rate. (This is the best option.

3. Contact your bank and apply for a line of credit to consolidate the cards into the loan.

2&3 are the best of these options as you’ll get a better interest rate and you’ll have a real good chance of being approved because you’ll either use your house as collateral or your bank will see the opportunity to make money on a loan which helps them and at the same time will leave you feeling good about them so that way you won’t want to change banks.

Good luck!

This entry was posted on Monday, November 15th, 2010 at 3:10 pm and is filed under credit cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “What is the easiest way to consolidate credit cards w/out having to file for bankruptcy?”

  1. comnavhublant Says:
    November 15th, 2010 at 8:19 pm

    There are several options available to you in a situation like this.

    1. Search the internet for credit cards with lower introductory rates for balance transfers up to the amount you need. Just make sure that you check what the interest rate will be after the promotional period.

    2. If you’re a homeowner and have $20k of equity you can apply for a home equity loan which has a significantly better interest rate. (This is the best option.

    3. Contact your bank and apply for a line of credit to consolidate the cards into the loan.

    2&3 are the best of these options as you’ll get a better interest rate and you’ll have a real good chance of being approved because you’ll either use your house as collateral or your bank will see the opportunity to make money on a loan which helps them and at the same time will leave you feeling good about them so that way you won’t want to change banks.

    Good luck!
    References :

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