Archive for the ‘debt consolidating’ Category
March 10th, 2010 | 
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stay away from these guys. Most of these companies if not all will trash your credit and charge you a nice fee to do it. A fee you could use to help pay off the debt. They dont do anything you cant do yourself.
What they do is not pay your creditors for months and then try and settle your debt for less. You can do the same thing. It doesn’t take anything special to do it.
Remember that if the company that you hire to handle your debt doesn’t pay your creditor. You and you alone are still responsible to pay it. they will sue you for it not the company that you hired. and since you are not the one talking to your creditors you will never know they are ready to sue you till you get a summons.
I would never do a home equity loan. You’ll owe more money on your house. Something happens and you cant make the payments. Goodbye house.
Research online. All the banks offer loan consolidation as well.
Is debt consolidating bad???
Do you know if any good agencies?
You can pay your own debt without paying a debt consolidation company. Here is a plan:
This plan works with any number of debts. Make a list of all of your debts with the interest rates, listing them in order from highest interest to lowest interest.
Pay the minimum due on all of them and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on card #1 (the minimum payment and the extra payment) towards card #2. That will pay card #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Card #1 (highest interest): minimum payment+ extra payment
Card #2 (middle interest): minimum payment
Card #3(lowest interest): minimum payment
Card #1: paid off
Card #2: minimum payment from Card #1+ Minimum payment from Card #2 +extra payment
Card #3: minimum payment
Card #1: paid off
Card #2: paid off
Card #3:Mimimum payment from card #1+ minimum payment from Card #2+ minimum payment from Card #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest.
If you don’t have a job, get one and throw all of your pay at your debt, if you already have a job, get another one and throw all of that pay at your debt as well. You may have a "no fun" couple of years, but that is much better than having a "no-fun" decade and you can get this debt paid off quickly.
Getting a personal loan from a bank or going through one of the companies that offer to cut your bills by a percentage and help you pay it off within a couple years. If I go through the bank, I can pay it off at once, right? However, will the interest (which I don’t think is part of the alternative) kill me in the long run and put me back at square one?
You might not get a loan depending on your credit. If you can maybe you should but depends on the debt. Sometimes just paying it off in the long run is better. I know it is hard but eventually you will break free from it.
www.edfed.com student loan debt consolidation consolidation – Edfed manages the monthly payments on student loans and education loan by consolidating all your student loan debt consolidation into one easy consolidation loan.
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What companies can you trust!
It may be a good idea if you are having a hard time making payments on high-interest debt. However if you are making the payments OK, you may actually be hurting yourself.
If one or two of your debts will be paid in 6 months to a year, you will have that extra payment available to do what you want very soon. If you refinance, for 5 years, you might have a lower combined payment but you will be stuck with it for 5 years where you might have had a lower total payment if you had left things alone for just a few months and paid off a couple of your debts.
If you have a home and can get a home equity loan, you can take the interest off on your taxes but it also costs money to get that loan so it may be a wash.
Just some things to consider.
One more thing, if you have a bank you do business with regularly, I would use that one to refinance. You can also check www.bankrate.com. That website can give you information about what banks are reputable and operate in your area.
Wouldn’t paying the interest on a single loan be cheaper than the interest on a bunch of credit cards?
Debt consolidation will give you a lower payment spread out over a longer time and give you a few extra dollars to spend each month. That’s the theory but in reality will you live long enough to repay the loan and what if you make a late payment causing your interest rate to jump to an astronomical level then you’re back to square one.
A consolidation loan is simply another way keep you enslaved for the rest of your life and you may even be risking your home to get the loan in the process. During this depression era economy anyone who thinks they have "job security" may end up "jobless" and you can ask 15 million unemployed if it’s true!
http://loan-house.we.bs/loanconsolidation.html
Most people carrying massive credit card debt are living in a world that is still believed to be "flat" and they work frantically to keep from falling off the edge and being gobbled up by the debt collections monster they believe awaits them so they think "consolidation" is their only hope.
http://loan–house.blogspot.com/2008/03/loan-consolidation.html
Big banking institutions want you to keep thinking the world really is flat. Some people will reach their financial edge and fall off. These are the lucky ones "if" they learn to play the game when the end comes or if they see the truth before they drop off the edge. What is the truth? Most people don’t know they can rock the bankers’ boat without a debt consolidation loan. They believe the bankers are the captains of their financial world but nothing could be further from the truth when it comes to credit card debt. The banks are controlled by Federal law and must close your account when no payments have been made for six months.
Once your account is "written off" it’s done for, ended, over and you owe the banks nothing. The bank will punish your mutiny and attempt to make you "walk the plank" by selling your account information to a debt collector but you owe him absolutely nothing either.
Bye…
http://www.webconsumercreditcounseling.com/consolidate-credit-card-debt/
Today, over 70% of American families are struggling to make their monthly credit card payments. So, it’s really no surprise that there are more people looking to consolidate credit card debt than ever before. Fact is, it can be easier said than done.
By the time the typical consumer decides to get “help”, it is usually too late. Most of the time, people don’t realize their credit card debt is out of control until they have been late for a few months, or even worse, haven’t made any payments for a few billing cycles.
So, the question is, what can be done? Did you know that you can effectively consolidate your credit card debt without taking out a new loan, getting a new credit card, or establishing a new credit line? Well, you can and it is a tool that more and more people have been turning to in order to take control of their finances, more specifically their unsecured debt.
Here is a brief run down of how exactly it works. First, you would need to do the responsible thing and contact a non-profit organization to act as a “third party”.
Typically, they will need some basic info like the names of the credit card companies, the balances owed, and your current minimum monthly payments. Then they take this information to consolidate your debt internally. Most of these non-profit organizations have been around for a while, and they already have established long term relationships with nearly all of the credit card companies that you are looking to consolidate.
To consolidate your credit card debt, the most important thing you can do right now, is to take action! If you are struggling to make your monthly payments and want an solution that is safe, legal, and effective, a non-profit organization is the way to go.
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Posted in debt consolidating | 
Tags: consolidate credit card debt, consumer debt, credit card bills, credit card debt help, credit cards, credit repair services, debt consolidation, Debt Settlement, debt-reduction, eliminate credit card debt, eliminate debt, reduce credit card debt, reduce debt, settling credit card debt | 
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Depends on what is better for the individual.
If you own a property, car etc then maybe bankruptcy is a bad idea.
You should go first to an advice centre like CAB who will be able to advise your best option once they know your exact position. There are more alternatives in dealing with debts than those you listed above
Can anyone shed light on this for me. My wife is going back to school full time she has taken out a loan for school so that is paid for. She is not working and I am working two jobs but that still does not pay the bills. I have looked for a higher paying job but with no have not found one. We have cut back alot to try to save money. If I had enough to pay my mortage each month till next summer I would be ok. So I was looking into a Home Equity line. We have lived in our house for 3 yrs now. Any help would be greatly appreciated. Thanks and God Bless.
Perhaps your wife should not go back full time. Instead, if she went back part time and found a part time job, that extra income may cover your shortfall. I don’t think it’s wise to open a line of credit on your house to make mortgage payments. You’re already taking a loan out to cover school. It seems the reasonable idea is to reevaluate your initial plan.