Debt and Savings

First off, transferring isn't going to save you. You're not able to get a high enough balance because you're already at risk in the creditor's eyes. They can see that you're not "caught up" or aren't able to pay your current debts.

HOWEVER, that isn't the problem. The problem is that you're running from your debts and financial obligations.

I understand how you must feel that you're in deep water and are sinking. From your message, it seems you think that credit cards equal money and the more "random" cards you can access, the more money you have at your disposal. But this is far from the truth and is just what your creditors want you to think! Credit cards do not equal money—they're the opposite of money. They're the loss of money at some future date.

First things first--stop using your cards altogether. Then choose one. I like to choose the one with the largest balance. However, if you have others that you know you can pay off in a few months, then pay them off first and concentrate on the other debts later. You might even be able to renegotiate your terms with your creditors.
 

 

Learn How to Consolidate Your Debt

You may want to consolidate if: You cannot make all of your payments (for example, you’re late, you have too many bills, or do not have enough cash) You have a lot of debt on high-interest credit cards Keep in mind that consolidating is not always the answer. Try negotiating with your lender for a lower interest rate and or a different payment plan.   If you’re thinking about consolidating, here are a couple steps you could take: List your debts. Include all debts, such as credit cards, mortgages, car loans and other personal debts. Write down the balance, interest rate and monthly payment for each debt. Determine how much you will pay for each debt. Consult a financial adviser if necessary. Know your options. Some consolidations options are: Getting a second mortgage or home equity loan Consolidating your credit cards Consolidating all your outstanding debt into one lump payment Talk to a credit counselor. Find out how you can get free one-on-one credit counseling through the Beehive.