debt consolidation
Out of context: Reply #15
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- one_edge0
I had staggering credit card debt five years ago. About $11,000, and I could only pay the minumum on each card - which was at least $100 each card. After looking at my balance I saw that I was only paying down $1 a month!! It was a rude awakening.
So I consolidated all my loans with a personal loan from my credit union. The interest rate was almost half of the rate on my cards.
I ended up paying the 5-year loan off within 3.5 years.Try to avoid hopping your balance from one low interest card to the next one that comes in, because you run the risk of having to pay balance transfer fees, and plus, that is one more card under your belt to worry about.
Try www.ihatefinancialplanning.com
And call your buddies at the credit card company every once and a while and renegotiate (yes you can do it) your APR.