How to Get All Credit Card Debt Combined Together

Consolidating all your credit card debt into one account could leave you with a lower overall monthly payment and perhaps a lower interest rate. You will still have the same amount of debt, but some of your accounts will be showing a zero balance. You can then close the paid-off accounts to prevent any possibility of charging on them again. Another option is to just keep one or two cards for emergencies and cancel the rest.

Instructions

1

Get billing statements showing all of your credit card debt. Calculate the total.

2

Apply for a bill consolidation loan from your bank or credit union for the amount of money that you need. Or use an existing line of credit such as a home equity line of credit, or balance transfer options on one of your existing credit cards.

3

Mail checks to each of your credit card companies for the full balance, using the proceeds from the bill consolidation loan or your home equity line of credit. Or, if you are consolidating all the balances to one credit card, call the card company with the balance transfer option. Confirm that you have enough available credit, and then instruct the representative to send checks to pay off the other accounts.

4

Get updated copies of all your credit card statements when they become available online, or wait for them to arrive by mail. Confirm that the accounts have been paid off and that the balances have been consolidated into your new line of credit or on one of your credit cards.