For all you credit card gurus. I need some help/info on managing bills.

RecklaZ

Senior member
Mar 13, 2001
305
0
0
My dad has like 15 bills on different cards. I was wondering if any of you guys have some info were he can merge all his bills together for a decent interest rate. His credit score is in the upper 600's. Also do you know any websites that can help me get informed in this kind of stuff? Thank you.
 

Nocturnal

Lifer
Jan 8, 2002
18,927
0
76
Just find a credit card that lets you consolidate your cards into one card. Simple as that. Or he can try taking out a personal loan through a local credit union to consolidate all the cards.
 

conjur

No Lifer
Jun 7, 2001
58,686
3
0
Many of the credit consolidation services will worsen one's credit. They wait until enough money is pooled and they offer one of the companies a payoff amount then they work on the next. In the meantime, the other companies are reporting payments late and may even start collections.

Best bet is as Nocturnal said or try a home equity loan (in which case interest may even be deductible).

Get a copy of Financial Peace: Revisited - Dave Ramsey
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
266
116
If he owns the house, he can get a 2nd mortgage with a low rate of around 6% and all the interest he pays can be written off at tax time.

Otherwise I would go with a "free credit consulting" service (like conjur's link)
 

Thegonagle

Diamond Member
Jun 8, 2000
9,773
0
71
15 credit cards? Sweet Jesus! That's nuts. That's one reason his score is so low. For starters, he should close 13 or 14 cards.