My Husband And I Are Over Our Heads in Credit Card Debt. But I Might Have Found a Solution.

"We have several credit cards, and one thought was that we could pay the largest one off and ask that credit card company for a balance transfer offer, to bring the balances on some of the other cards over. Is that still a thing? Our credit ratings aren't great, so applying for new cards is not an option. Is this a stupid idea?"

"Balance transfers are still a thing, and it's a great idea. You can ask one of your credit card providers to see if they are willing to transfer your other cards and allow you a consolidated payment, with a lower interest rate. You could also look into getting an unsecured personal loan from a credit union. Credit unions are not-for-profit financial institutions that may be more willing to lend to you if your score is on the lower side."

A low-five-figure check can be used to reduce high-interest credit card debt by consolidating balances. Balance transfers remain available and can allow one card issuer to move other balances into a single account with a lower promotional rate. Asking an existing credit card provider about transferring other cards can create a consolidated payment and reduce interest costs. An unsecured personal loan from a credit union is an alternative that often accepts lower credit scores and can be used to pay off all cards. Paying off cards with a personal loan produces one monthly payment, improves credit report appearance, and eases monthly cash flow.

Read at Slate Magazine