Consolidate Credit Card Debt Tips

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Best Answer

instead of consolidating, what about paying them off?

Any tips, or suggestions for the fastest way to get out of credit card debt without consolidating or filing bankrupt? Also any tips on raising my credit score?

Best Answer

Not much details on your situation, so I am going to give you general guidelines to pay off debts. Of course you still need to pay other bills, so the first thing is go thru your budget and all NECESSARY monthly expenses, such as rent, utilities, groceries, and gasoline (for commuting to work, and etc.). I think the phone bill can keep it to the minimum as cable and wireless internet. So how much do you still have left to pay your credit card bills? Enough to cover ALL minimum payments on EACH credit cards? If so, that is good, but you will have to cut down more monthly expenses from your daily life to have more "free" money to pay your HIGHEST interest rate credit card. So pay the minimums on rest of the credit cards, but do PAY MORE than MINIMUMS ON THE HIGHEST INTEREST RATE, untill pay this one off, move on to the next highest interest rate, and so on...good luck!

I have good credit, never made a late payment and always make atleast my minimum payments, and then some. I recently consolidated some credit card debt and some of my fiance's debt with a $30,000 private loan which we pay together. Then I have about $20,000 worth of debt in consolidated student loans, car loan and some store credit cards from home related items (tv, furniture, etc.)purchased with 0% or low financing. All of my debt and most of my fiance's is in my name because his credit was too bad to get any loans, etc. So even though it's all in my name, we have no problem making payments each month since there are 2 of us paying. But as we work on getting his credit in line for him to one day be a co-signer for a house, what can we do to get my credit up seeings how I have so much of my credit tied up for the both of us? I've already closed any zero balance credit cards I had open but what more can I do??? Thanks for any tips anyone may have :) OK, so as far as a debt/income ratio... not sure if this is how you figure it out but if you take my monthly income and deduct my minimum monthly payments, I have about $1,000.00 left over. (Keeping in mind my fiance pays about 30% of my debt monthly as well, but I know banks don't take that into consideration in this case) Once he has enough credit for us to co-apply, our combined yearly salary is over $80,000 a year and currently our debts together are about $70,000 total....if this info helps at all.... and thanks for all your helpful comments!

Best Answer

What you have to look at is your Debt to Income Ratio, without that its too hard to give you an answer.