I started of by having a couple of credit cards with high interest rates. I would open up another account and do balance transfer to lower the interest rate. Instead of closing the older account with higher rates, I would use them again. So now all my credit cards have a balance. I’m not charging on them anymore and trying to pay more then minimum but it seems to get nowhere. I’m trying to consolidate all debts into 1 and close other accounts immediately. I just don’t want to grow old and still have debts :)).
Is there any bank that will help and not make me further into debt. I would like to consolidate all my debts into 1. How about debt consolidation agency?
I’d look at two things first.
- If you are looking for a real debt consolidation loan then look at LendingClub.com. It is a peer-to-peer lending network where people get three to five year unsecured debt consolidation loans. If you decide to go that route let me know in the comments and give me the loan number. I’ll help to fund it.
- But first you might want to look at ReadyForZero.com to give yourself a fast and somewhat automated way out of debt. It’s a free service and might just do the trick for you and be exactly what you are looking for.
Before you get all excited about closing accounts, make sure you don’t close your two oldest credit card accounts. They help to add more positive weight to your credit history because of the length of time you’ve had them.
Please post your responses and follow-up messages to me on this in the comments section below.