See if you can get them transferred to a 0% for 6 or 9 or even 12 months. See if a family member can loan you the balance, and you will pay them more than a bank does – rates are currently in the toilet for savers, around 3% at best! Pay them 5% and you will both be better off, as your cards are probably around 20% interest per year!

And stop using them!Debit consolidation will ruin your credit, because you have to stop pay the credit card companies, it shows you have difficulty to make payments, then it will "consider" to settle with you at lower amount. Only if you have lump sum of money, then this process can be shorten. However, you can contact the credit card company to work out a payment plans. But you have to pay the full amount or sometimes if they are nice, they will lower the interest.

You have to evaluate your current money situation first. Do you have a steady job? are you buying anything big like a car or a house? How much payment can you make each month? When you start to go into any credit help program, it will cost your credit, so you either to suffer all the interest or you can just take a chance to pay all the cards off with a ruined credit.

This is the way I looked at it, with so many ppl got bad credit due to the current economy, I believe the credit report will take this into consideration, to rebuild your credit will be faster than before. And guess what there will be some companies take more high risks to give you a credit card later anyway. Companies like Capital One will give out credit cards to those with bad credit cat higher interest rate. Citibank will not – they close your account if you are a high risk.

Talk to some professional before you make any decision, non-profit organization such as CCCS.There are several options other than consolidation out there for you. If you have over 10K you can also do debt settlement. There are also options of negotiating with your creditors to decrease your interest rate. The sad thing is most creditors will not do much for you until your delinquent.

It really depends how much you owe and how much you can afford monthly to find the right solution in getting rid of all your debt. I am a debt analyst who previously worded with several debt agencies. I had a baby so I am no longer working, but feel free to email me if you need expert help on finding the right solution for you.

There are many options out there, but there are also many companies who can actually get you into more debt then before. Sometimes its better to get things done yourself, then enlist with a credit company.

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