What is the best way to consolidate $50k of credit card debt?

DON%26#039;T! This is such a bad idea for a hundred different reasons. Her are the main ones:

(1) When you CONsolidate, you may get a lower payment, but you are not fixing the spending issues that got you into debt to begin with. Even if this is ALL from medical bills or another emergency, your lack of money-management skills took you into debt. You will end up w/ a CONsolidation loan AND credit card debt if you do not get your budget in order (including SAVING) for emergencies.

(2) Most CONsolidation loans work by borrowing against your house (sometimes even more than it is worth). This can cause MAJOR issues if you are laid off or must sell your house in a hurry for other reasons.

(3) When you CONsolidate, you feel like you have %26quot;fixed%26quot; your debt issue, so your mind says,%26quot;Whew, thank God that%26#039;s fixed!%26quot; In truth, however, you haven%26#039;t %26quot;fixed%26quot; anything! You just shuffled your pile of sh** around, but it is still a big smelly pile.

(4) You will end up with one HUGE, HAIRY, INTIMIDATING debt rather than a bunch of little annoying ones. If they are all seperate, you can just pay minimums %26amp; focus every extra dollar on ONE of them until it is GONE, then do it again with the next one. This is the plan recommended in the book below %26amp; it has worked wonders for us.

I know it is possible to get out of debt without CONsolidating because I am doing it %26amp; started with WAY more than $50k in debt. Please check out this book from the library or get it at a bookstore. It is well worth reading %26amp; works wonders if you work at it!

What is the best way to consolidate $50k of credit card debt?

If you do not own any other assets to borrower against then there is no way to consolidate. You may need the advice of legal counsel to discuss your options. I have found useful information on the site www.genesiscreditgroup.com

Hope you can save your credit.

What is the best way to consolidate $50k of credit card debt?

PAY LIKE 100 TO 200 DOLLARS A MONTH

What is the best way to consolidate $50k of credit card debt?

If you have a home, you can choose to refinance your mortgage loan. If you don%26#039;t have a home, you can work with a debt management company. Hear what they have to say and decide for yourself, if you want to use their services.

This site has info about govt counseling agencies by state: http://www.poorcreditgenie.com/govtcouns...

I also know someone who used this service:

http://www.pioneerlenders.com/consolidat...

No preaching but....Overall, the most important thing about credit card debt consolidation is that you change your behavior after you take care of the problem.

BTW - how did you rake up so much moolah on the CC to begin with? Just nosy?

What is the best way to consolidate $50k of credit card debt?

That is a substantial amount of credit card debt. You may be in jeopardy of default if something happens (like an emergency) that keeps you from making minimum payments. Also, universal default clauses may kick in because of your high debt load.

You may wish to meet with a reputable credit counselor to discuss your budget and your financial situation. I recommend finding one that you can visit in person by searching the Better Business Bureau. Make sure the credit counseling agency has a satisfactory rating.

What is the best way to consolidate $50k of credit card debt?

you can check here to help you for your financial needs...

http://www.helpgetfunded.com