March 6th, 2010 | 
Author: 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.
Posted in debt consolidating
Not if done right. Consolidate it for lower rates as well as a lower payment (pay more than the payment amount if you can). Don’t rack up any more debt or it defeats the purpose!!
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It’s bad if you regard it as the solution to all your problems. It’s good if you get on track to start putting more money towards paying your debts and afterwards you consolidate to reduce the interest rates. Often, fees cancel out any advantages to consolidating.
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Can be. . . . depends how it is done. . . .
Can reduce your monthly payments. . .DON’T keep spending, use ALL extra money to pay down debt. . . .LEARN from your past behaviour. . . . .
Can be good by reducing the number of payments you have to make and the amount you pay every month
Best thing is for you to PAY OFF everything as soon as possible. . . .make larger payments than required. . . .don’t make any more credit purchases. . . . .
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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.
References :
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://yatuc.com/bid
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Janice,
Debt consolidation can work, especially for student loans, but there are other options as well.
There’s a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-escalating-debt.html
How to Stop Escalating Debt
It dscusses consolidation, among other things.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free
Lastly, here’s an interesting alternative to conventional lending…getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html
Social Loans from Virgin Money
Hope these help.
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