What’s The Best Way to Consolidate Our Credit Cards? – Robin

“Dear Steve,

My husband have been married for 21 years, we both have good jobs and make about 160,000 a year. Our house mortgage is 479,000 and we have approximately 89,000 in credit card debt. Most of this debt was to build a 40×60 building on our property and complete a covered porch on our house. When we started the projects the housing market was in good condition. The intentions were to add more value to our home.

However, now with the economy the way it has been. We have not gained, we have aprox. 60,000 in equity on the house, but our debt ratio is at a 95 percent. Our credit rating is about 720 and we have not missed any payments to our credit cards. We are now faced with paying college for our son which makes it harder to squeak out a lot of extra cash on our cards.

I would like find the best solution to consolidate my credit cards (approx. 8 cards with varying interest) into one. I do not trust the consolidation companies. Do I have any options and if so what is the best way to pay my debt off in the fastest way so I can look to retirement?


Dear Robin,

There are two solutions that I’d like for you to look at first.

  1. ReadyForZero.com – This will allow you to pay off your debt quicker with a structured program and improve your credit at the same time. There is no charge for this service. It will not lower your payment but it can accelerate your way out of debt.
  2. Credit Counseling – A credit counseling group can offer you a debt management plan which may cut the interest rate you are being charged but may not reduce your monthly payments much. There is a monthly charge for this solution. You can click here for credit counseling information.

Go look at those solutions and then come back and post an update for me in the comments. I want to see if you think either of those will do the trick based on your current situation. If not then we’ll look at a Plan B solution.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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