Credit Card Consolidation - Best Options

[Flyingstache]

Hello!

I am posting this for a co-worker who reached out to me this morning asking for advice. I don't have experience with this so figured I would put it out to the group.

My co-worker asked - what companies are best for credit card debt consolidation or what are my best options?

I am unsure of details regarding how much or how many credit cards but figured I would get the ball rolling on here while I find out more from her.

Thanks for any help!

[plog]

Credit union.

But without more context my gut is telling me this is just addressing a symptom of a larger problem.  Dave Ramsey is probably the best place to send them.  Budget, cut lifestyle, destroy credit cards, focus on getting out of debt.

[Catbert]

Here are some cards that allow you to transfer balances to a new card for 0% interest for a while.  Most do require a transfer fee upfront (e.g., 4%).  If you have a momentary lapse that ran up your cards and can pay off during the 0% interest period, great.  However, to get one you need decent credit which many people drowning in debt don't have.  Also, it doesn't fix whatever problem got you in debt to begin with.

https://www.doctorofcredit.com/list-of-0-apr-credit-card-offers/

[lifeisshort123]

Balance transfers are great - but only if the person can get their debt under control, or if they're for a specified purpose (i.e. we need a new roof and we don't have the cash for all of it right away)...

Also, the problem people make with balance transfers is they make only the minimum payments and rather than getting ahead, they find themselves further behind... But still, better to pay a 4% upfront charge than 29% of monthly interest...

[sonofsven]

Her best option would be to check out Dave Ramsey and the "debt snowball method"; pay the minimums on all but the lowest balance, pay off that lowest balance as quickly as possible.
Repeat.