Does credit card consolidation really work?

Budget101 Discussion List Archives Budget101 Discussion List Does credit card consolidation really work?

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      Thanks to a financial disaster, it took me 6 years to get things

      straightened out. I didn’t use the credit consolidation. I worked

      with all the individual credit cards. I finally got all but one paid

      off, and they actually let me catch up and I still have an active

      card with them. It’s the last one I have, and I’m paying it off,

      though I have used it a few times. Once I get it paid off, I’ll ask

      for a better interest rate, or I’ll close that card. My credit

      record is still good even though I did get behind. In the past year

      I have applied for one card offer from a gas company and another

      credit card and received both. I look at it as good to have in case

      of an emergency, plus if I travel I’ll be able to rent a car with the

      credit card.

      Don’t think the consolidations are actually all that great. I did

      really good with the card companies. In fact, I managed a large lump

      sum to pay off one card, and they actually dropped the late fees they

      had added to the balance. It was nice to get money back from them

      once the balance was paid off. It looks a lot better on your credit

      rating to pay them off.

      Ann in Arkansas

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Budget101 Discussion List Archives Budget101 Discussion List Does credit card consolidation really work?