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Will my bank consolidate my credit cards?

I've heard lots about debt consolidation.

asked by Gasolina (27)

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Tags:  debt  money

answers

Credit card consolidation involves getting one big loan that is used to pay off credit cards. Most banks offer consolidation loans, but approval is based on credit qualification.

7 votes

It depends on your debt and your credit history. Often times the interest charge on an unsecured loan from a bank is about the same or higher as what you are paying on your credit cards. Talk to your bank and see what they can offer you to see if it is even worth it.

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posted by SteveO (146)
6 votes

At this point in time and with the economy the way it is, it is doubtfull that a bank will give an unsecured loan to consolidate credit card debt. With collateral, it's possible. A loan can be taken out with a CD or home used as collateral. Be sure to ask for a low interest rate.

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posted by TYoung (18)
4 votes

Consolidating credit cards is sometimes possible. It can require a balance transfer fee which can take away the benefit of consolidatig. To check on this, call the customer service numbers for each card you have and ask them what their policy is and what fees they charge.

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posted by Debra (103)
4 votes

Usually, banks don't consolidate your loans. but there are other companies or some credit card companies that would consolidate your credit cards for you. but they would charge a lot of fee.

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posted by flygirl (39)
3 votes

It really depends on if your bank is a local bank or a big corporation. If you bank with someone like bank of america then they might consolidate your credit cards. If your bank won't you will have to use a credit card consolidation company.

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posted by dcasto (18)
3 votes

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