Debt Problems

I have $33k in credit card debts on 4 credit cards, where can i find a bank that consolidates that debt?

I read the other day that it's possible to consolidate credit card debts while getting a lower rate, who can really do that. I wish i had only one credit card instead of 4.

Public Comments

1. Taking out a loan to pay credit card debt is just shifting the debt. You may or may not be able to get a $33K unsecured loan but you'll need very good credit history. The biggest problem with shifting your debt is that most folks tend to run those credit cards right back up. Then you're got the loan payment and the credit cards to pay. You have to stop using those cards. Work on paying them off by squeezing every penny out of your budget and putting it on the highest interest rate card while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full. Consider other ways to bring in cash to throw at that debt -- garage sale, collect alum cans, get a second job. If you work at it, you can probably pay off all that credit card debt within 2 or 3 years. You'll have a strong payment history and will have developed some good financial management skills.
2. you can sometimes find lenders that will shift debt around for you, but in this current economic climate, id be looking to pay off these cards and close them out asap. pay the minimum amount on the 3 largest ones and pay all the extra that you can asap on the smallest balance til you pay it off. then take all that money youve been paying on that one and add to the minimum of the next lowest balance til its paid off. repeat this over and over again til all 4 are paid off. then close them out and start living on less than you make and build up some savings. this way you are only working for yourself, not your "master"card(s).
3. unless you own a home and have equity in it good luck on finding a loan, considering it's on unsecured debt. the fact you have as high a balance as you do on 4 cards indicate you are extremely high risk of default and are irresponsible fiscally, so why would a bank even think of loaning you money?
4. I hate to bear bad news but there is a 0% chance of any bank giving you a $33,000 unsecured loan to pay off credit cards. If you own a home and have sufficient equity, you might be able to obtain a home equity loan but, be careful. With that, you are at risk of losing your home if you can't pay. I recommend that you contact your local United Way office and ask for a referral to a local Consumer Credit Counseling office. (I'm recommending you go through United Way to ensure that they're legitimate). STAY AWAY from the "counseling" services that advertise online or that you hear about on TV and radio. Those associated with United Way will help you budget your money and, if necessary, will contact your creditors for you to make arrangements to either accept lower payments or reduce your interest rate or both. Good luck and I hope this helps!
5. Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate. All credit card debt consolidation loans include some type of credit card and debt counseling. You have to trim your lifestyle to eliminate unnecessary expenses. This will allow you to set your house in order. But this necessary, as the ultimate goal of debt consolidation is to help you out of debt, while keeping your home. http://debts-to-wealth.com/category/Credit-Card-Debt-Consolidation.html