Best answer from question by David M:
Answer by Lippy Lesbo.
If you have a high interest rate, I assume that means you’re still paying on your credit card and it hasn’t gone into collection?
If that’s the case, and it’s this one credit card you’re worried about, your best bet is to go with a balance transfer to another company. Bank credit cards always have a higher interest rate than credit companies such as Capital One.
Most companies also offer a lower introduction rate on all balance transfers, but they do have a time limit. You’ll want to make sure to check what the interest rate goes to after the inital time period.
Doing a balance transfer, as long as you continue paying on your credit card, will not really affect your credit.
Debt Consolidation is more for people who are way over their heads in debt, more than one credit card, car loans, etc. It takes all of your debts and consolidates it into one single debt, so instead of making multiple payments, you make one single payment.
