Capital one consolidating credit card debt
This will give you more funds each month to pay off debt.
You need to make the largest payments possible, which means cutting unnecessary expenses from your budget.
They’ll often only accept balances from other credit card companies.
So, as you shop, make sure you’ll be able to transfer as much of your debt as possible.
However, again, if you have lots of cash flow, you might be able to consolidate more with a loan. Still the first step is to total up your existing credit card debts.
List the current balance, current monthly payment and APR for each balance you owe.
If you owe more than that, then transfers will only work if you have a lot of cash to pay each month.
To do this, divide your total balance by the three most common teaser rate periods to see what your monthly payments would be.You need good credit, plenty of free cash flow in your budget and the right amount of debt for it to be effective.You also need the discipline to cut back on your budget, stop charging, and focus on debt repayment.How much debt you need to pay off will play a big role in determining your best option for consolidation.A balance transfer is the ideal solution if you owe less than ,000.
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offers a helpful credit card debt worksheet to make it easy to collect all this information in one place.