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by Anonymous on February 27th, 2009

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10000 credit card dept, should i consolidate it

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  • by militaryman09 on March 23rd, 2009

    militaryman09

    well consolidating it can create more problems sometimes if you watch tv and see all those credit financial things where people saying they paid it off and yes it works got family going thru that right now heres the deal tho if you are younger say mid 20's to early 30's your credit will take a huge hit for it but if you are older and have fixed interest on say house loan and stuff then it should not matter. i know what you are talking about is like putting it all on one credit card right? well that has pros and cons for example you consolidate it then bigger monthly payments and it interest on one lump sum now instead of say one of them is a 1000dollars interest and payment totals 120 per month for 10 months but add another of 3000 that minimum for same amount of time and if you bounce them from card to card then you actually are not paying them off you just started paying the same interest again best bet is to pay off whatever you can then consolidate after that to make it more affordable to pay

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