Archive for the ‘debt consolidating’ Category
March 18th, 2010 | 
Author: my daughter wants to know if consolidating credit card debt will have a negative impact on her credit rating
if she has been making timely payments and continues to do so, it should not have a negative impact. This site has great info
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Myself and my soon to be fiance are in a lot of credit card debt. Between the both of us we always pay our bills on time but now it is starting to become a problem where it is getting overwhelming. I want to get a loan to pay off everything in 4-5 yrs but don’t want to work with a debt solution company if it is going to hurt our credit.
There are a couple of options I would suggest. Don’t use a debt solutions company. They usually just have some $7 dollar employee telling you what to do while he reads the scripted answers to you. First fiand out what your current credit score is and then put that to work. For example you can get a higher limit card and balance transfer all your debt with a $0 balance transfer fee and then usually 12 months free interest. Upon this method continue paying the highest amount you can monthly. After time it will be paid off quickly. Your motivation and dedication to your spending habits will be hard to change. Although determination will get you through it. 2nd, choice I suggest. Let me know your credit situation and I will help you evaluate what bank and card you will get the best rate from. I have done this now for 5 years and completed cleared my bad debt. Just by rearranging my debt I was able to have plenty of money left over to invest. If you need anything else. Let me know. CLINT
i was wondering if you call a company to help you consolidate your debt will that hurt your credit at all? My boyfriend and I have great credit but we have maxed ourselves out to the point we need some help we can pay all our bills but it stretches us thin. I was thinking of consolidating but wasnt sure if that was a good idea? IF it is does anyone know a really good company to go through that would be right? Thank you so much!!!
Just consolidating doesn’t hurt. Most if not all of these companies that claim they consolidate your bills are a scam.
What they do is not pay your creditors for months and then try and settle for less. No special skills. They just don’t pay. It will trash your credit!
Your creditors do not have to deal with these people because it is your debt.
Also, If they don’t pay your creditors. You, and you alone are still responsible for the debt. Your creditors will sue you and not the company you hired.
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com
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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Tags: 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.