Credit Cards Key » CreditCardsKey » Credit Card Calculator » balance transfer??? credit cards - i have 4 cards all ranging between 12% interest up to 19% interest - does?

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  #1 (permalink)
: Does it make sense to transfer 4 cards ranging from 12% to 19% per month interest onto one at 4.9% (total would be $29000) or not??? NO SITES just an helpful answer please
card one is @ $12000 (13.49%)
card two is @ $8000 (12.49%)
card three is @ $46000 (16.99%)
card4 is @ $4500 (18.24%)
HELP - should i transfer some? all? lowest /highest??
how does it work if the interest is after transfer $1421 when i am paying a total of $340.47 now ?

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  #2 (permalink)
: If you do this and find a good non-profit credit card counselor, it is a good idea. Just transferring the funds to a lower interest rate does not stop the cause of the problem -- to much spending.
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  #3 (permalink)
: I'd transfer them all if you can get a good fixed rate or even a slightly variable one and can COMFORTABLY keep up with the payments. You might also want to consider credit counseling through CCS to help you with a budget plan too.

You just need to promise to DESTROY all but one of the other credit cards and keep that one frozen in a block of ice in your fridge for EMERGENCY use ONLY! By emergency, I mean the car is in the shop and there is no other way to pay for it other than with the credit card. That type of thing. Its the only way that you're going to keep yourself from accumulating more debt.

Good Luck!
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  #4 (permalink)
: You should read Dave Ramsey "total money makeover" which will answer many of your questions. If you do not create a budget and control your spending a consolidation will not help you. I recommend paying the minimum on all these except to smallest debt (card #4 @ $4500 (18.24%), this one you start putting all your extra cash at to pay it off quickly. Then after that is paid off add all that payment to card #3 and so on and so on. Some will say worry about interest which this almost follows by default anyway but if you are that good at math that you want to figure in interest payments into it you would not be in debt to begin with. You could transfer the $12,000 card into the 4.9% rate but that is about all I would do. You will feel a sence of accomplishment by paying them off in this manner instead of making one payment and slowly eating away at a higher single debt. Also if you get into trouble and you consolidated all into one debt and need some adjustments and they say no you have limited options. If you have 4 companies to work with you have more options.
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  #5 (permalink)
: Your numbers seem a bit off here, but yes you should transfer all balances - or at least as many as possible to the 4.9% card. You will save a ton of money in the long run. You don't want any sites, so just search for "balance transfer calculator" or something similar to that and you'll be able to estimate how much you would save. I would start by transferring the balance with the highest interest rate first and then go down to transfer the balance with the next highest interest rate, then the next highest interest rate...
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