How to combine credit cards, to pay them off in one lump sum?

5 Comments

1. just me says:

   January 5, 2009 at 5:45 pm

   Yes, you can take your balance from one card and put in on the other. A lot of times they’ll have promotions such as 0% interest for a year on any balance transfers you make. Just call the card with the lower interest and they’ll do a balance transfer right over the phone. You just give them the info on the other card.
2. sunnybrooke says:

   January 7, 2009 at 11:50 am

   There are a couple of different ways you can combine debt. First you could do the balance transfer if you have a big enough line of credit on one card, but be warned, there is usually a fee for transferring balances so you could end up just adding more to your debt. Also those 0% interest offers look good, but if they are introductory offers, let’s say for 6 months, if you don’t get the entire loan paid off in 6 months you could be charged that 6 months worth of interest anyway. They’ll just tack it right on to your balance.
   You could go to a bank and ask for a loan and pay the credit cards off, it will depend on your credit score whether you’ll get a good interest rate or a line of credit that is large enough.
   I personally suggest paying off the credit card with the highest interest rate first. Don’t combine the cards, just take care of them one at a time. Pay the minimum on one card and the higher interest rate card send every xtra penny you can to them. Once that is paid off, take what you were paying on them and add it to the minimum payment on your last card. It’s called snowballing and will help you get your debt paid off quick if you stick to it. I used this method to pay off 10 thousand dollars in credit card debt in two years. Good luck.
3. Ash says:

   January 10, 2009 at 5:39 am

   You can take balance from one card and put in on the other. You’ll get many benifits like 0% interst, and so on,
   You can more on credit cards at,
4. Sarab says:

   January 13, 2009 at 3:44 pm

   As the others suggested do a balance transfer to a new card that offers a really low rate. Watch out for the balance transfer fees.

   Here are your options (assuming you have Good credit):

   You can easily make any changes you want and apply for the card that is best for you.
5. Best Rate Credit Cards says:

   January 14, 2009 at 10:51 am

   Credit Cards charge a lot in interest, if you compare credit cards interest to personal loan interest you can generally get a lower interest rate.

   If you plan to repay the total amount within a few months then you shouldn’t need to combine the totals just pay off the credit card with the most interest first as was mentioned before.

   But if your going to take longer to pay off your debt then maybe you should do the sums and compare what a personal loan can do for you.

   $7000 at 10% over 1 year = $733 interest charged
   $7000 at 20% over 1 year = $1536 interest charged
   There is a saving of $803 if you half your interest with a loan or lower rate credit card.

   Check out this credit card interest chart,