Credit card debt consolidation

[PhillyGirl23]

I currently am in a gigantic hole when it comes to credit cards - about $24,000. A lot of it came from charging my way through college since I couldn't work during the summers since my mother was ill. At any rate, I am 24, have a decent job (make $43k/year) and still leave paycheck to paycheck with no end in site to paying these cards off. I will be good for a few months and then something comes up and I cannot pay more than the minimum. I do invest in my 401k as well as have a very small savings account which money is automatically withdrawn from my paycheck. I can afford to pay about $775 a month toward credit cards after my rent, student loans, etc. (and that is leaving me with not too much each month).

I have thought about consolidating my debt into a bank loan. Now, I do not own a home so I do not have collateral for a secured loan and I assume that no bank will give me an unsecured loan for that much money. I do belong to a credit union at work with might be a possibility - but any advice from anyone who has done this before? I really want to get rid of this debt so I can look forward to possibly owning property in the near future.

[MetFanL]

Consolidate and do it now. If your bank won't do it for you, you can always do it with your credit crd company. They want you to pay. i have mine through sallie mae/ bank of america right now, and as I pay it down and get to a more reasonable number (b/c I also have no property), I'll move it to my bank and get a personal loan w/ an even lower interest rate.

I think the rate on my consolidation is 8%.

[PhillyGirl23]

Consolidate and do it now. If your bank won't do it for you, you can always do it with your credit crd company. They want you to pay. i have mine through sallie mae/ bank of america right now, and as I pay it down and get to a more reasonable number (b/c I also have no property), I'll move it to my bank and get a personal loan w/ an even lower interest rate.

I think the rate on my consolidation is 8%.

How do you do it through your credit card company? Do you set up a type of loan with them or something?

[MetFanL]

How do you do it through your credit card company? Do you set up a type of loan with them or something?
They sent me a letter, but, yeah, it's kind of a loan/line of credit hybrid. Check with your bank first b/c I know mine has loans for people w/o collateral, but it's iffy if your debt is high and your income is low-ish.

[Kitty]

I consolidated through a credit union. I think my rate is similar to mets. Definitely lower than the 13% I was paying on my credit cards. Plus, you can make additional payments that go towards the principle and there is no penalty for paying it off early.

[MetFanL]

Do it. It's like the best thing I've ever done. I've paid off $4K since August. I still have a long way to go, but it feels great.

[Kitty]

Do it. It's like the best thing I've ever done. I've paid off $4K since August. I still have a long way to go, but it feels great.

Yeah, I know. I had small amounts of debt on like 6 cards and it was really hard to manage and figure out what to do. I feel in control now!!!