Options to consolidating credit cards
If that person agrees, you would use it to eliminate the balance on your credit cards, and you would owe that person instead.Although not required, both parties — you and the person lending you money — should draw up a contract outlining the terms of the arrangement.This is best for people who are in a stable financial position.Another idea is to take a loan against the funds you’ve accumulated for your retirement years. prime rate plus 1%, so it’s almost guaranteed to be lower than what your credit card companies are charging.To start the search for consolidation loans, check out Personal and Bad Credit Loans.com, which can connect you to a network of lenders and will shorten the application process.With a balance transfer credit card, you can move existing credit card balances to a new credit card account.When you’re juggling multiple credit cards, managing them all like a pro while paying down the balances can be a major challenge.Wouldn’t it be nice to send just one payment every month and not have to worry about a variety of due dates?
You send one fixed payment a month to them, and it disperses the funds to your creditors.
To find an accredited credit counseling agency, contact the National Foundation for Credit Counseling or the Financial Counseling Association of America.
Yet another way to consolidate your debt is by asking a friend or family member for a loan.
According to IRS rules, you may borrow a maximum of 50% of your vested balance or ,000, whichever is less, and have up to five years to repay. You do have to be sure of your job’s stability, though, because if you quit or are fired, the entire balance would be due within 60 days.
If you don’t pay it back, the debt will be taxed and a 10% penalty will be imposed.
Search for options to consolidating credit cards:
Among the top deals now: Discover it® Balance Transfer, Wells Fargo Platinum Visa card, and the Chase Freedom Unlimited®, all of which come with a 0% intro APR for at least 15 months.