I have three credit cards of about $1000 each. They are at such a high interest rate that it seems like I am caught in their grip. I would like to have one payment that I can pay and see the amount go lower each month.

If consolidation is the way to go, where do I find the best source to do business with instead of going bank to bank to see what they offer?

Thanks for your time !

Try your bank first. For a loan of only $3000, you'll get a better rate at the bank than at a finance company.

Also, do you get credit card invitations in the mail? If so, look for one that's fixed with lower interest. Fixed at 9% is not uncommon.

Check with a credit union also. Their rates for a loan might be lower than a bank. If you have a free & clear auto or one with a good amount of equity, consider refinancing it. A loan that is secured by an asset should have a lower rate than a signature loan. Good luck.

Look in your mail for balance transfer intros. A loan of the size you refer to is not usual. Its too small for most banks and finance companies (like Household or Beneficial) will charge too much. Your best bet is to either get a new card and pay off the others, using a low balance transfer rate, or using low balance transfer offers to evenually consolidate.

Hey Guys,

Thanks for all your help and suggestions. I really appreciate it. I feel a lot better and know one of these ways will work for the good.

God Bless I will put my expertise into this network where my knowledge can help someone!
This is a great site!

You can also look online for loans. All credit card companies and loan companies have sites. You could do your shopping online. Isn't that what America is all about these days?

And don't of course forget to deal with the reason you have gotten into that debt. Don't get a new loan and then start charging back on the cards, IF you pay them off with another loan, cut the cards up so you don't get yourself deep in debt again

Fr Chuck brings up good points.

A lot of the time, when people consolidate their loans, they don't change their spending behaviour so they end up in the same sport they were a year down the line.

If you own a house, consider refinancing. Home loans usually have the lowest interest rates. OR, simply call each of the three companies & just ASK for a lower interest rate & then consolidate them all to that one. They will usually compete to keep your business!