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No. of Recommendations: 4
I have 4 cards with interest rates and balances as such:

21.24% $4,682.71
13.24% $7,555.59
19.99% $3,813.66
18.99% $2,193.59

$18,245 (Total debt)
17.4% (Weighted APR)

Well, the good news is, when you go back to the last post where you posted balances and rates


AMEX 9.9900% $ 8,036.59 $ 66.90
Citi 19.990% $ 3,954.91 $ 65.88
Apple 22.990% $ 5,441.49 $104.25
US Air 18.990% $ 2,488.21 $ 39.38
Macy's 15.150% $ 324.98 $ 4.10
Student 2.6250% $11,582.19 $ 25.34

Totals $31,828.37 $305.85

your debt on the cards has decreased by $2,0000, and it appears that the balance on each card has gone down, too, including getting Macy's paid off. :-)

The bad news - the APR you are paying has increased a bit, from 16.63% to 17.40% That's partly due to the payoff of the Macy's card, because it was at a lower rate than your overall rate. However, it also looks like the rate on your lowest rate card (AMEX) increased from 9.99% to 13.24%. Did they give you a reason for the increase?

In looking at the amount of debt you've been able to pay off since then, I would be really concerned that the consolidation loan payment, plus any other payments you have left, would be more than you have been paying toward your debt on a monthly basis.

I would strongly suggest determining what the payment on the consolidation loan would be, and add in any other payments that you would have left to figure out what your minimum monthly payments on your total debt would be. If that total is more than you've been paying toward your debt each month for the last 6 or 8 months, you need to see if you can make at least that total payment amount for several months (3 - 6) before getting the consolidation loan, or you could be setting yourself up for missing some payments.

The good news with this strategy is - if you need to increase your payments to be able to make the amount of the consolidation loan payment, and you can do it, you should pay down your debt a bit more, which would require a smaller consolidation loan.

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