Consilating Credit Card Debt?

ok first off some background information, I am a 21 year old male, married with 1 child. My wife and I have about $7,000 in credit card debt(haha from falling victim to the ever popular %26quot;pre-approved%26quot; scam, not saying its not my fault). We make between $1800-$2000 a month in net income(don%26#039;t worry this isn%26#039;t permanent, we%26#039;re both in college). Our house payment is $400 other utilities add up to about $200, then we have car notes that total $390 a month(we both had one before we got together). Then finally we pay about $240 a month on the minimum payments of our credit cards. Is there any way we can consolidate this credit card debt to where we can have them paid in say 2 years or so before we graduate college.

Consilating Credit Card Debt?

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Consilating Credit Card Debt?

My wife and I were in a similar situation and we went to our bank. We got a line of credit opened and put our debt into it. It has a better interest rate than all of the credit cards, but it is still kind of high. Simple math says that a $7,000 debt in 24 monthly payments would be about $290 per month. This does not factor in interest though. So to pay off your $7,000 with interest in 2 years, your payments will be over $300 per month.

Consilating Credit Card Debt?

Consolidating doesn%26#039;t help. Instead of owing seven people $1,000 each, you end up owing one person $7,200. Do the math.

The truth is, your cars are what%26#039;s killing your budget.

You%26#039;re paying as much on those as you are on your house.

In 24 months, you can be out of debt, plus have $7,000 cash in the bank.

Here%26#039;s how:

1) Sell the cars, get rid of the car note.

2) Buy a $1,500 beater.

3) Carpool each other.

4) Combine the $240/month you%26#039;re already paying to the cards with the $390 you had been paying on your cars, and start paying $630/month toward your credit cards.

5) YOUR $7,000 CREDIT CARD DEBT WILL BE PAID OFF IN 12-13 MONTHS !!!!!!

6) Continue putting $630/month away, but now, put it in the bank for the next 11-12 months.

7) GRADUATE IN 2 YEARS WITH $7,000 CASH, INSTEAD OF $7,000 IN DEBT.

Consilating Credit Card Debt?

I would try to get a credit card that has a 0% interest rate for a period of 12 months. Try to pay as much as possible! Then, if you still have a balance, just transfer the balance to another card that has a 0% interest rate for another 12 month period. That way at-least your payments are going towards the actual debt rather than interest charges. Check out this website to compare credit cards with 0% / Low-Interest credit cards. Hope this helps!

Consilating Credit Card Debt?

I would suggest going to a site that allows you to compare balance transfer cards. One site that I know is reliable is http://mysite.verizon.net/ressg6c7/right...

They make it easy to compare cards and apply on-line. Plus they have secure on-line applications.

There are some cards on this site that will allow you to transfer the balance of several cards onto one new card. They even have cards that will lock your rate for the life of the balance transfer.

You should be able to lower your monthly payment by doing this.