Ultimately, the best way to consolidate credit card debt depends on your financial situation. If you want a quick application process and the potential for no fees, you may choose a balance transfer credit card. Meanwhile, if you don’t have the good or excellent credit needed for a balance transfer credit card, you may look toward loans. If that’s the case, the question becomes whether you’re willing to put your home up for collateral to get a potentially higher loan amount, or withdraw from your 401(k) or simply receive cash from an unsecured option like a personal loan. And, if you struggle with managing payments for various credit card debts, you may lean toward a debt management plan. Whichever option you settle on, make sure you have an actionable plan that allows you to fully repay the loan during the term and maintain a debt-free life.
Although the number of bankruptcy filings since 2005 seems high, not everyone decides to file bankruptcy to deal with their financial issues. There are other options for consumers who find themselves unable to pay off their debts and facing multiple collections actions, and those other options might be a better choice for some consumers. These options include:

Start online credit counseling to see if you qualify for our debt consolidation alternative. During your free counseling session, we’ll help you identify the root cause of your financial problems. We’ll also help you develop a budget that minimizes your monthly expenses. Finally, based on your income, assets and budgets, we’ll recommend a debt relief solution tailored to your personal situation. This solution may be the debt management plan which consolidates your monthly payments. Other solutions include bankruptcy and referrals to other nonprofit organizations who can help you save money and eliminate debt. If you’d prefer to speak with a live counselor, call the number on the right.

I don’t quite understand your situation but it sounds like you owe about $10,700 in high interest credit card debt. Is that right? If you can get into a debt management plan to pay off all that debt at a lower interest rate, and the monthly payment on the DMP is affordable, I would say go for that and forget about this 22% interest loan which is very expensive.
A single month afgter opeing, my scores went up 64/68 points, from the 598 range to 665 range.  Keep a low balance or utilization rate of less than 30% (preferrably less than 10%).  Studies show the sweet spot is 1-9%.  Paying on time 100% of the time and knowing the date your card reports the balance to the credit bureaus is the key.  Always pay by the due date and be below 30% (or 10%) on the reporting date.  After as little as 6 months, but usually 12, they will convert your card to UNSECURED, likely with a limit increase and give you your original deposit back.

In 2008, American households carried $280 billion in debt. While debt dwindled in the following years, in 2017 the country hit another record – $13 trillion in household debt, including mortgages, car loans, credit card debt and student loans, according to the Federal Reserve Bank of New York. If you, too, are struggling with debt and you're looking for some strategies to reduce what you owe, try implementing these smart money-management habits.

You may have heard that some creditors are willing to settle your debt for pennies on the dollar. In reality, credit card debt forgiveness is rare and tricky, and can be very costly. You have to first be in serious arrears. Then you have to convince your creditors that you don’t have the means to repay your debt and your situation isn’t likely to change. If you manage to work out a debt settlement agreement, the creditor is all but guaranteed to report your forgiven debt to the IRS. The forgiven debt is considered taxable income.
You need to show you can handle credit wisely, so having occasional balances on your credit cards can be a good thing. But in general, when you use your credit cards, try to pay them off as soon as you can (you don't have to wait for the statement in the mail but can pay online anytime). In fact, you can make your record look better than it is by making your payments just before your statement is sent, rather than waiting until you receive it. Most credit card companies report your balance at the same time that they mail your bill. If, for example, your statement goes out on the 15th of the month, pay your bill early (let’s say by the 13th) so the money will arrive prior to the statement being sent out. That way your outstanding credit balance reported to the credit bureaus will be lower.
The intro offers, coupled with the rewards program make The Amex EveryDay® Credit Card from American Express the frontrunner among balance transfer cards, outpacing competitors. This card presents cardholders with the unique opportunity to transfer a balance and make a large purchase during the intro period, all while earning rewards on new purchases. To qualify for this card, you need Excellent/Good credit.
SoFi has taken a radical new approach when it comes to the online finance industry, not only with student loans but in the personal loan, wealth management and mortgage markets as well. With their career development programs and networking events, SoFi shows that they have a lot to offer, not only in the lending space but in other aspects of their customers lives as well.
The targeted advertising resulting from this information sharing is related to common product and service categories, such as travel and leisure, automotive, retail, financial services, electronics, pharmaceutical and consumer products, publication subscriptions and similar categories that you see advertised routinely. These advertisements are not based on data relating to adult content, individual or aggregate health information or records, precise geographic location, information derived from your individual credit report (with the exception of Credit Based Offers that you authorize us to present to you as specified in the applicable Terms and Conditions agreed to on certain CIC websites), or information relating to your financial accounts. We use cookies to facilitate the sharing of this information while you are online. Information in these cookies is updated from time to time to ensure that it is up to date and relevant. In order to appropriately safeguard the information in them, as described above, these cookies are encrypted. At this time we do not respond to “do not track” browser signals.
The lack of information and knowledge surrounding the credit industry has led people to create false beliefs of what is good credit, what is bad credit, and how to repair credit fast. What’s fascinating and quite unsettling is that people think that it’s hard to repair credit fast. We are here to break barriers and provide the information you need to understand that fast credit repair is doable. To make strides to decrease the number of households in debt and provide valuable information to credit-holders, we are going to explore the basics of credit and how to repair credit fast.
Credit reports record your payment habits on all type of bills and credit extended, not just credit cards. And sometimes these items show up on one bureau's report, but not another's. Old, unpaid gym dues that only appear on one report could be affecting your score without you even realizing it. If you rent a house or apartment, some credit agencies count the history of those payments in their credit score calculations (assuming the landlord reports it to them). For example, credit rating giant Experian began including positive rental payment histories in its credit score ratings in 2010. TransUnion also figures positive rental payments into its credit calculations (look for it under “tradeline expense” on your credit report.)
A quick Google search yielded this terms and conditions sheet, which may be slightly different than the one you’d receive if you applied for a card. According to the one we found, Credit One charges an annual membership fee from $0 to $99. Credit line minimums are between $300 and $500. So you could be paying $99 for a $300 credit limit. APR is relatively standard, but on the high side, with variable 19.15% to 25.24%. Given the high annual fees, we recommend saving your money and using a secured card with no annual fee to begin rebuilding your credit score.

2. First Premier – The bank claims to want to offer people a second chance when it comes to their finances, but its fee structure and fine print prove the exact opposite. First Premier charges you a $95 processing fee just to apply for a credit card. Then it levies a $75 annual fee on the credit cards and most cards only come with a $300 limit. You’re paying $170 for a $300 credit line! The APR is a painful 36%. In year two the annual fee reduces to $45, but then you’re charged a monthly servicing fee of $6.25. And to top it all off, you’ll be charged a 25% fee if your credit limit is increased. Stay away from this card! Use the $170 it would take to open the card and get a secured card instead.
If you have missed payments, get current and stay current: the longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well.
2. First Premier – The bank claims to want to offer people a second chance when it comes to their finances, but its fee structure and fine print prove the exact opposite. First Premier charges you a $95 processing fee just to apply for a credit card. Then it levies a $75 annual fee on the credit cards and most cards only come with a $300 limit. You’re paying $170 for a $300 credit line! The APR is a painful 36%. In year two the annual fee reduces to $45, but then you’re charged a monthly servicing fee of $6.25. And to top it all off, you’ll be charged a 25% fee if your credit limit is increased. Stay away from this card! Use the $170 it would take to open the card and get a secured card instead.
And many lenders won’t give credit to people with a history of recently missed payments on other credit accounts (with "recently" translating to two years back). Missing enough payments that your account is turned over to a collection agency is another sure way to tank your score, not to mention limiting your access to affordable credit – or make it cost more than it should.
The Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer has the longest intro period on our list at intro 0%* for 21 months on Balance Transfers* made within 4 months from account opening. There is also an intro 0%* for 12 months on Purchases*. After the intro periods end, a 14.99% - 24.99%* (Variable) APR applies. The balance transfer fee is typical at 5% of each balance transfer; $5 minimum. This provides plenty of time for you to pay off your debt. There are several other perks that make this card great: no annual fee, Citi® Private Pass®, and Citi® Concierge.
After getting approved for refinancing, the new loan may be reported to the credit bureaus, which could lower your average age of accounts. Your other loans will be paid off, but they could stay on your credit reports for up to 10 more years. Your overall installment-loan debt will stay the same, and as long as you continue to make on-time payments, your score may improve over time.

I have about $10-11,000 in credit card debt. I am thinking about consolidating, however, after doing some research I’m not sure I want to go that route. I have a good creadit score and I do not want to hurt my credit score by having to close accounts, etc. However, I feel like I can’t make any progress with my credit cards due to interest, and I’m trying to avoid opening anymore credit cards that would have low or no interest. I’ve thought about taking out a bank loan to pay my credit cards off. Does this seem like it would be the best option for me? Do you suggest any other options?
What can and DOES change is whether you have a collector pursuing you for the debt. If you are talking about a dormant account that has been in collections and has finally been left alone with no collections activity for a few years, messing with it can be problematic from the point of view that the collections people will start pestering you again to see if they can get money and if the SOL isn't up, they can start reporting on it again which can affect your score or they could even file suit if your state SOL isn't up.
Trying to get a little bit of business advice, hope someone can help. We are struggling to make it through our slow months right now. We have about $100,000 in business debt currently active and all in good standing, we have never made a late payment. But we are getting buried with making sure we are paying all of these bills on time while still being able to order products to keep the business fully functional. We are scared we are heading towards bankruptcy or even closure. Would a debt consolidation company be able to help us? Or does it seem we are too far gone? I guess I was hoping with a debt consolidation company we could lower our monthly burden, stretching out our payment to 48-60 months.
Thank you for this. I have been building my credit back after Economy struggles and long term illness.  Today, I'm in a better position physically and materially. Most of my credit issues are resolved. However, I'm curious as to your next step once you resolved the medical bill situation.  Did you pay the creditor and subsequently write a letter to the credit bureaus? I have a $284 medical bill I can't recall not paying, but I would like to resolve the matter this year. 
After you’ve resolved the negative items on your credit report, work on getting positive information added. Just like late payments severely hurt your credit score, timely payments help your score. If you have some credit cards and loans being reported on time, good. Continue to keep those balances at a reasonable level and make your payments on time.
I am a mortgage officer at a community bank. Knowing the importance of credit I have been helping my daughter to rebuild her credit over the past 11 months. Payment history makes up 35% of your credit score. If you have late payments -a good payment history takes time to rebuild! When I started working with my daughter her credit score was 533 due to late payments on her student loan and a medical collection of $135. I am pleased to say her current score is 754! You may ask how could her score be increased over 200 points in less than a year?

We saw probably the most amazing show on the planet at the Robot Restuarant (I won't spoil it for you.), ate at vending machine restuarants, slept in 5 star hotels and in cool tiny manga cafes.  We got kimonos for pajamas, song karaoke where we made a couple of Japanese friends, shopped at the 100 yen shop, rode the most fun metro system around and saw the Tokyo Tower.  We had the most amazing time of our lives for free!
I applied at my bank and at a credit union and both declined me. My credit score was provided with a fair rating but then the reason was that the amount of debt between us was too high, roughly 10k. Therefore they wanted to see more effort put in first. We were told to reapply again in a few months time when we had that under control. My payments were always on time and so I dont know how I am suppose to show effort if that amount of debt is always going to be the same due to interest. Hope that made sense.

Credit repair ,my credit was pretty bad and I didn't think that anybody can help because I was helped by two different companies and all the did they got money from me but they didn't help in any way, after meeting with Mr Avtel he assured me that he can fix my credit, I'm so thankful and happy with the results my credit score was improved from  535 to 720 and just leased my new Mercedes.

If you have missed payments, get current and stay current: the longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well.
While this might seem like an obvious debt-repayment strategy, Cavalieri – and many personal finance experts – suggest that you set up your payments with your bank or debit card, so that anything you owe is automatically paid every month. "Automation is key. Setting up payments to go automatically will help keep things humming and ensure you do not miss any payments," Cavalieri says. That way, not only will you start filling the debt hole, you'll avoid late fees and you'll improve your credit score, which may allow you to refinance some debt for better interest rates.
If following the steps above seems daunting, some organizations specialize in paid credit repair services. Most of the services require a monthly subscription fee between $60-$100 per month, and most reviews report that the negative items are completely removed within 3-5 months. Despite the high cost, legitimate companies provide a valuable service if you’ve been the victim of identity theft and you want someone else to do the work for you.
×