How to Consolidate Credit Card Bills

Video Transcript

"Hi. My name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. How to Consolidate Your Credit Card Bills. Well, the answer is, you really can do it in one way. If you ask your folks, your mom or your dad, or your relatives to give you a one lump sum loan with no interest, then you can pay off all of your credit cards, and then you pay back your folks. If that's not the case, yes, you can consolidate them into a lower interest rate credit card. Would I really advise it to do it? Well, you could, but you have to be really, really careful. Just by shuffling your cards, it's going to probably make a derogatory report on your credit score. And that will probably lower it. What you really want to avoid, though, is the credit consolidation agencies. These consumer consolidation agencies are not your best friend. They're actually say that they are for non-profit, as a matter of fact they have been made possible by your banks, by the credit card companies, and what they do is they actually tell you something that it's not really the way how it is. They tell you that you're going to out of debt within four years, and in fact, it takes about eight to twelve years to get out of debt. What you really want to do with this, you really want to check your facts on the Internet and get as much resources as you possibly can. But I would definitely advise against doing anything without knowing it. Can you consolidate them? Yes. Would I advise it? No. My name is Peter Repak, I'm the owner of Clear Financial LLC, a debt negotiation company. Thank you for watching."