I'm attempting to help my GF get back on track. She has 6 credit cards (maxed out) with a total of $10,000 owed and makes the monthly minimums only. None of her accounts have been closed at this point, but most have went to a 24-30% APR. Her credit reports look ok...a few lates here and there and FICO is in the upper 600's.
She has the means to pay more after I put her on a budget.
I had her get a Navchek line of credit, which she was approved for. I plan to have her pay each debt off so the balance is held on the LOC at a 14.9% APR. I plan to have her pay it off as an installment. At some point, I might see if NFCU will qualify her for a signature loan at a lower rate.
Is this generally a good way to consolidate? Any tips?