We have 15K debt from 3 credit cards?

we have 3 credit cards and 2 of them carry a debt of 6500us$ each reaching max. credit limit of 6500us$ from bank of American and one credit card from capital one having 2000 debt...

we want to know what is the best way to get rid of this debt of around 15000 us$?

best way is accept balance transfer offer from other card issuer or try to get a debt consolidation loan?

Please give best solution from your experience..if you are suggesting debt consolidating loan please suggest where can we get such loan?

We have 15K debt from 3 credit cards?mortgage rate

The best was to eliminate this debt would be this way... Do you own a home? If you do, ask to take out a home equity line of credit (equity loan) (for the amount of the credit cards). Whatever the case may be this will get you in at the lowest interest rate possible. Paying off 15,000 in credit card debt isn%26#039;t going to happen overnight. You also do not want to be paying additional interest on your living expenses.

A consolidation loan would be your second most viable possibility. One loan which will automatically pay off the three cards which you will be paying back to the bank at a much lower rate than what you are paying on the credit cards.

Where a balance transfer to a new card will bite you is the rate they give you for transferring a balance is usually only for 6 months to one year as an introductory rate, Unless you can pay it off entirely in that one years time frame, you are back at square one...a big debt at a high interest rate.

If you can do without using the cards at all, call somewhere like Consumer Credit Counselling. They may be able to talk to these financial institutions and get your interest rate drastically lowered. A place that actually wants to help you won%26#039;t charge you an arm and a leg for their service.

Good luck...

We have 15K debt from 3 credit cards?

loan

OK...approach your banks, and see which one will consolidate. Then have your entire pay directly credited to the card, and use that card for all living expenses. you will be surprised how quickly the balance will shrink and you will save heaps on interest.|||The problem with consolidation loans is that most people continue to use credit after they consolidate - and a year later, they%26#039;re back in the same mess they consolidated out of.

My approach would be to pay minimum monthly on the two $6500 balances, and pay every extra cent I could on the $2000 balance, until it was paid off. I%26#039;d set a goal of say, 4 months, to get that paid off.

I%26#039;d stop using credit cards.

Every time I went to buy something, I%26#039;d ask %26quot;Do I really need this?%26quot;

I%26#039;d stop eating out, Carry a lunch and drinks. Way cheaper.

I%26#039;d reduce the number of times I drove each day.

Maybe find a part time job to make more money to pay off the debts.

As soon as the $2000 was paid off, I%26#039;d pick the credit card with the higher interest rate, and start paying extra on it monthly. And set a goal. And do all the steps I listed above to meet the goal.

After that is paid off, you%26#039;re down to one card - now pay it off the same way.

And continue not using credit cards.

You%26#039;ll end up $$$ ahead - and never look back|||Don%26#039;t get a loan to pay debt..it doesn%26#039;t make sense. Reduce spending overall and pay extra to the principle on each card. Get rid of luxury items, never eat out and reduce grocery bills by only buying on sale items.

I did this and am saving over $200 a month making small adjustments.|||Getting a loan to pay off one is the worst path to take and should be the last plan of action...Have you taken any legal advice. Im sure there are agencies in America that offer free advice for debtors.

Sometimes the only answer is to declare yourself Bankrupt but it has its implications....In any case you need to get advice okay....sooner than later.!|||DO NOT get a loan against you home as suggested by someone. If you default on that payment your home will be repossessed and you%26#039;ll be homeless!

You have some other good suggestions to follow|||A balance transfer offer might make sense if it has a low interest rate for the life of the balance and you always make at least the minimum payment every month. If you miss a payment, they charge a late fee, and the interest rate goes back up to the regular purchase rate or higher. There is also a transaction fee which varies from bank to bank.|||You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit card%26lt;!--balances with a consolidation loan or rolling it into a mortgage isn%26#039;t paying it off. In fact, paying a lower interest rate, but paying on the debt for many more years, usually means paying much more, not less.Okay, so you really want to be rid of that credit card debt.

http://bestcreditcards.freehostia.com/Cr...

First, you have to understand that not all debt is the same. Of course you know this. Some of your cards have a higher interest rate than others.Find and budget the money to start paying down those balances. If you order pizza every week, for example, you may be spending $60 or $80 per month right there--%26gt;If you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month.|||My friend had over $25,000 in credit card debts and was getting harassed by creditors daily. She ended up calling a debt settlement specialist who helped put her on debt management plan after negotiating with her credit card companies. I believe the initial consultation is free, so you may want to try reaching out since they are experts at helping people in debt.|||Hi,

I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://doiop.com/7ppcz3|||Here are your options!

Do nothing!

This is actually one of the option alot of people try doing and finally put themself into deeper problem. You will eventually start getting calls from collection agencies and they will offer you settlement of around 50 to 70% meaning you will have to pay around 60% back in 1 payment which is not easy...

Debt Consolidation

Debt consolidation loan will help you to consolidation all your debts into 1 and you will start making 1 payment every month and they will start paying your creditor. This is something which will lower your interest rate but you need to understand debt consolidation will not do anything good to the principle amount.

Bankruptcy

Filing for a bankruptcy is another option but i am sure you understand you don%26#039;t want this because this will stay on your credit report forever. This takes control out of your hands for more than 7 years and you still make monthly payments, so lets forget about this for now

CCCS - Credit counseling program

CCC organizations are usually designated as non-profits by the IRS, although many of these firms recently lost that status because the IRS felt that had %26quot;for profit%26quot; motives. These organizations combine your payments to one monthly payment, where you pay back all of the principal, some interest and some fees. Many CCC organizations receive funding from creditors as well as payment from their clients.

Many times these programs are generally drawn out over four to six years and less than one out of four actually complete the program. Many times these payments are higher than the original credit card payments and this program can have a non flattering affect on your credit.

So here is what you need!

Debt Settlement

Debt settlement or debt arbitration is a legal process used by both people in debt and their creditors to negotiate a settlement of an existing legal debt. This proactive approach is the most cost-effective option to pay off your current debt while avoiding the negative effects of bankruptcy. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with the creditors. This practice however, takes time to master and certain skills to get the maximum benefits. The Debt Settlement Company works diligently and professionally with your creditors on your behalf to reduce your current unsecured debt balances down 40-60% by arbitrating an agreed settlement amount with your creditors.

Me %26amp; wife were in the same problem around a year back and we went with this debt settlement company. They reduced our debts down to 48% and obviously that was a big Relief... I like talking good about this company! Debt Care USA 866-534-0754