Credit card consolidation... question.

I have five credit cards and am very sick of making 5 payments a month. I also would like to only pay one round of interest and lower the rate some. Anyone have any luck with a particular company?

They are offering 0% interest for balance transfers right now. I've not had much to do with them. 9% Interest for purchases. They donate 10cents per purchase to non profit organizations.

http://www.workingassets.com/creditcard.cfm

they support Dr's without Borders
Project Vote


check them out.

aA

their rates are much better than banks, and they are more likely than a big bank to give you a personal loan. We got half our credit debt paid off by one recently, it will all be paid off in 3 yrs or less, no penalty for early payment. Lower rate than the cards were at, with an end in sight, since each payment goes to principal and interest at a better percentage than the cards.

Consolidation companies require you to close all the accounts and you can't have a credit card until all debt is paid off- not good if you have to have one for work expenses or emergencies. It also lowers your credit score to have one on your reports, whereas a loan improves the score (if you don't default or pay late).

if you do go the way of consolidation, make sure you use a non-profit- there are companies out there that will make you pay them extra to pay off your debt. (in addition to the interest and the profit they make after negotiating your debt down with the card company- you still pay the full amount, but they get to pay off at less than the amount you owed)