What is the best way to eliminate debt and make only one payment?

Ok I was in a car accident and I got behind on my credit cards (which I should have never had in the first place). I probably have close to $5,000 in debt and I am wanting to find the best way to get out of it. I also would rather pay one montly payment. Would a bank give me a loan to pay off the credit card companies? This would be easier for me to just pay one huge amount each month instead of so many individual payments? Also since I have late payment charges will this effect my status?





Any who please help me with any advice you might have...

What is the best way to eliminate debt and make only one payment?
Try and get a consolidation loan, if you have good credit then it should pass. I am in the same place but i let it go to far now my credit is ruined and yes your late payments does effect your credit. Also check and see if you have that insurance that says they will make the payments for you while you are sick or injured.
Reply:If you can get a bank loan with interest rates lower than you CC%26#039;s by all means do it.





You will be forced to pay off the loan within a certain time frame. Try your local credit unions they normally have the best rates available.





With CC%26#039;s you have the ability to pay only the minimum and doing that will take forever to pay off 5k of debt.
Reply:The bank could give you a loan if your credit is good enough. You may also consider getting a free debt consultation at http://www.nationwidebillrelief.com/debt...
Reply:If you are current with payment of interests, any bank may offer you a consolidation of debt. Everithing depends on your credit history.
Reply:You should get a credit report to see what you have with your credit because you know there is very little chance to get a loan with bad credit. But don%26#039;t get frustrated. get all your bills together and add them up to see what you owe versus your income if you see there is no possible way to repay with what you have write an explanation letter to each one of your creditors and ask them to make some arrangements with you for repayment don%26#039;t hesitate to ask if they could lower your payments and interest. If they have a local office were you could talk personally and give them the letter go personally otherwise check for a toll free number they have one for costumer service and speak to them. You would be surprised on how many of them rather receive less money than loosing it all. If that doesn%26#039;t work try to get a financial agency that could make those arrangements but they will charge you for the service. For last if you could get arrangements make sure that the credit reporting burows get that information of your settlements. Do check for the lenght of time for those debts maybe there is one or two that in short term will be payed out and if you get a loan for lets say five years but 2 of them will be of in 6 months is not worth to bottle up in a loan.
Reply:Get one of the cards that offers 0% for 12 months and transfer all of your balances on to that card, then just pay that one card.
Reply:Sounds like a good plan. You will probably get the loan at a more favourable rate.





Don%26#039;t worry about your %26#039;status%26#039;. Go talk to the bank and explain the situation.





Their main concern is that you have the ability to pay as agreed.





You are doing all the right things.





Good luck!
Reply:There are some useful tips here.