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    #1

    Balance transfer cards

    Hello Everyone,
    Have any of you tried transferring multiple balances to a balance transfer card?I'm still searching for a way to combine my considerable debt and make one payment thereby freeing up a little spending change.Am I kidding myself?

    I rec'd. a call from discover today about transferring high interest rate balances.I then typed Balance transfer cards into the computer,and there are a bunch.None of them are low.Please give me your thoughts.Thanks.

    brokeone
    Tags: None
    #2
    Originally posted by brokeone
    Hello Everyone,
    Have any of you tried transferring multiple balances to a balance transfer card?I'm still searching for a way to combine my considerable debt and make one payment thereby freeing up a little spending change.Am I kidding myself?

    I rec'd. a call from discover today about transferring high interest rate balances.I then typed Balance transfer cards into the computer,and there are a bunch.None of them are low.Please give me your thoughts.Thanks.

    brokeone
    Are you asking if you can transfer several high interest rate credit card balances onto ONE low interest card, to consolidate/reduce your monthly payments?

    I'm not 100% certain if you can transfer multiple balances onto one balance transfer card. But if you're intent is to save money over the long-run, then doing a balance transfer onto a lower interest credit card, probably isn't the solution. You'd be better off, consolidating the debt onto a lower interest rate bank or credit union loan, that has a 3 to 5 year repayment plan.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

    Comment

      #3
      Originally posted by Todd
      Are you asking if you can transfer several high interest rate credit card balances onto ONE low interest card, to consolidate/reduce your monthly payments?

      I'm not 100% certain if you can transfer multiple balances onto one balance transfer card. But if you're intent is to save money over the long-run, then doing a balance transfer onto a lower interest credit card, probably isn't the solution. You'd be better off, consolidating the debt onto a lower interest rate bank or credit union loan, that has a 3 to 5 year repayment plan.

      Good Luck!
      Hello todd,
      Thanks for answering.Yes I was wondering if I could transfer 3 high interest rate balances to one low interest rate card.I don't think I can get a bank or credit union loan,because even though I've got good credit,and no missed payments,I don't have any collateral(spelling).

      Comment

        #4
        Brokeone,

        Don't give up, do a little research to see if there are other ways for you to have your debts consolidated, to a lower interest amortized loan. I know these types of loans exist, but I can't think who offered them at the moment.

        Good Luck!
        The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

        Comment

          #5
          Hello Todd,
          Thanks for helping me out.I will keep searching.
          brokeone

          Comment

            #6
            Hi! I just thought I'd give you a little information on our transfers we did. We transferred all of our balances a few years ago to a lower interest card. It worked perfectly. Then, my husband lost his job in a competitive field and has had to take a lower paying job. That's the only reason we ended up filing for bankruptcy.

            But, during the time we did the transfer, the payment was lower, the interest was exceptional, and it worked beautifully on our debts. When you do this, just cut up all your other cards and request, in writing, to close the accounts. That way you don't have the temptation to go back into the credit card world.

            As long as you keep your payments current, your interest rate should stay low for a pre-determined amount of time. We just paid much more than the minimum and we were doing great with it.

            Good luck - I know it will work for you if you decide to do it. It would have worked for us if our circumstances hadn't changed so considerably. Hope that helps!

            Comment

              #7
              looking4miracle,
              Thanks for taking the time to help me.Hopefully,I'll find a way out of this mess I've gotten myself & wife into.As of yet I have not found a way to transfer my debt.would you mind telling me which company helped you?I hope you're doing okay.
              brokeone

              Comment

                #8
                Hi brokeone,

                Sure - we used Discover card. They are, in my opinion, the most versatile as far as working with us. When my husband lost his job, we did o.k. at first, but then everything started downhill. We revisited credit cards and charged them up in order to just live week to week. Incidentally, Discover has the best hardship program too. When we were trying to get all of our creditors to work with us, Discover was the only one willing to work with us over a five year period to get the account to zero. The other cards were only going to work with us for 12 months and then it was back to the original finance charges, fees, and payment. So, if you do transfer your balances to Discover and you find out that you are still in trouble, I do know Discover is very willing to help. If all of our creditors had been like Discover, we wouldn't have had to file for bankruptcy.

                I do hope this helps. I know what it's like to be in your shoes and I wish these feelings on no one. It's tough, but we are making it through it - I'm sure everything will work out for all of us.

                Comment

                  #9
                  Hi Again brokeone....

                  I just read your other posts and it definitely sounds like bankruptcy may be a solution for you. I know it's a tough decision, but it might be one that's necessary. If you are living off credit cards to make it month to month, then you definitely need to stop making payments on those and file for BK in a few months. I fear you are in a never ending cycle and the transfer will not help out in the long run. It's better to face it head on than just "patch" it for a little while longer. Just my opinion. But, when after BK, I know there's a sense of relief and a fresh start for your life. Discover card or any other creditor can't give you that!

                  Comment

                    #10
                    Hello looking4miracle,
                    I really appreciate the way you have taken the time to help me.Thank you very much.I do think I'm going to end up in bk,and I hope I don't wait too long to decide because I understand there is a big push from some Republican leaders to stop citizens like us from gaining relief too easily from the bk court. Believe it or not,I still wish I could figure out a way to pay my debt.I guess there is no end to my ignorance.Thanks again for helping me.
                    brokeone

                    Comment

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