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Subject: Credit Card Debts
Posted on Sat Jun 06, 2009 8:56 am  

I have few credit card debts from college almost 5 years old. I am working now. I am thinking of getting a personal loan and pay them off. I have also heard of debt consolidation. I want to know which the best option is, so that I can get a good credit score.

Joined: 11 May 2009
rachael's page
Posts: 233

6576 Magic Points

Posted on Sat Jun 06, 2009 9:15 am  

Hi bke,

I think debt consolidation would be a better option, as long as you continue to make timely payments for your current bills. By taking an unsecured personal loan, you can pay off the old debts. But you won't be debt free, until you pay down the personal loan. In case you fail to pay back the loan, the creditor can bring judgment against you. Instead by consolidating your old debts, you can remain current on your present credit accounts.

Debt consolidation has the following benefits:

1) It will reduce the interest accrued over the years, on the actual debt amount.
2) It is easy to keep track of your finances, as you make only one payment for many debt accounts.
3) It also offers a long repayment plan, so your monthly payments are reduced.
4) If you follow the payment plan that debt consolidation offers, without missing any single payment, your score will gradually increase.
Looking forward to a debt-free life.

Posted on Sat Jun 06, 2009 9:40 am  

Hi bke,

You can also consolidate your credit card (CC) debts on your own, without paying any extra bucks to a debt consolidation company. You can take the following steps:

1) Contact all the CC companies to whom you owe money. Ask them, if they have charges for balance transfer.
2) Transfer the balance of all your cards, to the one which has the lowest interest rate. You will have to fill out a balance transfer form.
3) After the the CC company notifies you of the balance transfer, ask them if the accounts are showing 0 balance.
4) You can choose to close the accounts, after there is no remaining balance.
5) You should ask the CC company to report to the credit bureaus, that the accounts have 0 balance and are closed.
6) Continue to make timely payments, for the account, to which you transferred all your balances.

Hope this will help Very Happy

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