Consolidate by Using Your Credit Cards
If you can’t qualify for a debt consolidation loan
at a reasonable interest rate, you could try to consolidate all of your credit card balances onto one low interest rate card and then aggressively pay off this card by paying a set amount each month that you determine in advance. For example, the minimum payment on the card may be $50, but if you choose to pay $500 every month, you will have the balance paid off in a reasonable amount of time.
From time to time credit card companies offer very low promotional interest rates. Some people use these as an opportunity to consolidate their debts. This may work for a while, but the reason why credit card companies offer these promotional rates is because most people don’t pay off their balances in a timely fashion and end up getting stuck at a higher interest rate when the promotional interest rate expires.
Many credit card companies also offer low interest rate credit cards. However, many times people who desperately want them don’t qualify because their credit score is not high enough or they have too much debt. If this is your situation, there are other options below
that may work for you.