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Consolidate Credit Card Debts
Charles Said:How to consolidate credit card debt?
We Answered:If your credit cards all have the same APR, or interest rate, then there is really no need to consolidate these credit card balances. However a balance transfer to another credit card at a lower interest rate could help you pay down your balances much faster - as more of your monthly payment amount would be applied toward your principal balance instead of just being applied to finance charges.
Vanessa Said:How do you consolidate credit card debt if you do not own a home?
We Answered:You can go to a bank for a signature loan. Enough to pay one or two cards. By taking out the loan you may pay 12% interest; and retire a credit card at 23% interest. Make the payoff of your loan over 3 years and place the extra monthly cash against another card, the highest interest payment.
OR Pay the minimum on all your credit cards and the balance into savings. Look for a house, when you find a place you can afford to buy YOUR RENT MONEY WILL WORK FOR YOU. The purpose is credit control not the "castle of your dreams".
Grace Said:How to consolidate credit card debts without hurting the credit score?
We Answered:You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - credit-report-free.totalh.com
John Said:I have $33k in credit card debts on 4 credit cards, where can i find a bank that consolidates that debt?
We Answered: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.
Hilda Said:How consolidating credit card debts with 401k works?
We Answered:Generally, to consolidate your credit card debt one can only borrow about half of their vested 401k in total of their 401k loans. Obviously if your account balance grows you can take more loans. Some companies require that you only have one or two outstanding loans at a time so they donít have to manage too many payments.
When you borrow you typically pay a small fee for administration or some agencies also do free counseling . After that your payments plus interest come directly from your paycheck and into your retirement account including the interest payments. I would suggest you to go for Counseling and then Debt Consolidation