Is credit card debt consolidation a good way to pay card debt ?

No, because you're not really paying off anything. You're just moving the debt. Stop buying, start paying. Good Luck with your finances! :)

NO! You aren't paying anything - you're just moving it to owe somebody else. And then probably charging even more on the original card.

Not really. Unless you get a fixed loan to pay off your credit card debt that got out of control pay it off, and QUIT USING THE CARDS.

Debt consolidation is one financial tool. A builder needs more than one tool to build a house and they need to know when, why and how to use each tool. Likewise, a person trying to get out of debt, needs to know when, why and how to use financial tools to accomplish their goal.

A good tool in the hands of an incompetent construction worker will cause more harm than good. And a good financial tool can cause more harm than good if used in the wrong way by someone who doens't know what they're doing.

To get out of debt, the first thing you need to do is get on a budget and stop borrowing money. That means no more credit card spending no matter what. If you can't pay cash or debit, then you don't buy it.

Once you are covering your monthly bills and minimum payments WITHOUT using debt, then you can develop a plan to accelerate debt payments. That *might* mean a consolidation loan that takes care of several high interest debts with a lower rate loan. But it has to be done the right way. Do not include any debts that already have a lower rate than the consolidation loan. Be careful not to stretch the loan out too long - low payments can be tempting, but you could end up paying more in the long run.

And under NO circumstances should you ever charge to those credit cards again.

Too many people get debt consolidation loans to clear their credit card balances, then go deeper into debt by running up their cards again.

The best advice is to steer clear of consolidation and just pay off your debts as fast as possible. If you do use consolidation loans, be very very careful.

It can be if
1) You get a substantially lower interest rate
2) You absolutely stop using CC until paid off

You tripping dawg.

No. Debt consolidation is a scam. You can pay off existing debt, but you'll just end up with even more debt.

No. Just pay them off one by one.

If you can find a lender and if the rate is lower than any of your cards and if you don't stretch out the payments too long and if you stop using the cards.

Lots of IFS and most people with too much CC debt are nowhere close to being disciplined enough.

It can be done, but only if your behaviour changes.

But, many credit cards will lower rates even below the loan rates if you ask them too and you have not been late. In that case, its best to stick with the lowest rates.

Only if you have a really great interest rate (like zero). Credit card rates are normally the highest rates out there.. If you consolidate using a 24% card you would be making a huge mistake.

If you can find a lender willing to work with you and it saves you money, then sure.

Of course if you haven't solved the underlying personal finance / budget problems that got you into credit card debt in the first place, then it's really not going to do much for you.

No.

You are just swapping debt for debt. Instead of owning $10,000 on 5 credit cards, someone would now owe $10,000 on a loan.

Now, in reality, it would be next to impossible for someone to even get a $10,000 loan to pay off all of their credit card debt. It would be too much risk for any one lender.

Only if you can afford to pay the consolidation fee and never ever be late with payments,

nope

At best the only thing is does is spread repayment of your debt over longer period- but you will pay more in interest

Best way to pay it is to get a loan from your bank to cover the whole debt than pay THAT off

The worst thing that can happen is- instead of making large repayments over say 1 year - you make smaller repayment over 2 years - So its gonna take 2 years to get debt free instead of 1 year
BUT cos you are making lower repayments you have more free cash so will spend that free cash maybe getting into MORE debt

The thing to remember is that with debt comes interest - That interest is dead money cos its money you cant spend - its the "fee" you are paying to have something before you can afford it

The best thing is to avoid debt to begin with. But if you are stuck in credit card debt, very often it is a good idea to switch to a bank loan (i.e. debt consolidation) instead. It's still the best idea to pay down the debt as much as you can but you have a better chance of doing this with the lower interest rates that you can get from a regular bank loan compared to having credit card debt.