Consolidate Debt 24 Information

Consolidate Debt 24 Resource

Consolidate Debt 24 Resource in Answers

which is better to do consolidate debt or just file bankruptcy? i am 24 years old trying to to figure out what is the best way to resolve 20,000 dollars worth of credit card debt of which wasn't frivolous spending. help! i only have a part time job which i make good money but doesn't suffice when you are behind on bills.

lathom01 replied: "If you file bankruptcy (chapter 7), you wont be able to buy a home, or a car until you're 35. It may also hinder you getting a job, or insurance, or even an apartment. Bankruptcy should only be used as a life-or-death last resort since it's the most damaging to your credit."

snvffy replied: "Lathom01 is right for sure. Bankruptcy won't solve your problem anyway. First, you need to get a career plan that includes full time job that makes more money. Second, you need to write out a budget every month, in advance, to let you know where every dollar will be spent. Thirdly, get on Dave Ramsey's debt snowball plan and pay off this stuff. Good Luck"

Dennis R replied: "There are bascially two options you can consider for your problem. You can take the bill consolidation loan and cover your debts with the loan so you can have a lower and more focused one monthly payment. Or when you think there is no other choice, bankruptcy can be your last resort. No matter how bad your financial condition is, you still have to pay off your loans. It is only a matter of choosing bankruptcy vs consolidation and determines the best solution for your complicated problem. Each people has different problem and no one has identical debt pattern. Those two option will provide the best solution according to their specific circumstances. Bill consolidation means you will get a chance to save more money on the payment process, while the bankruptcy means your assets will be liquidated. It's impossible to say what is best for your case because there many factors which you need to consider. For more details about debt consolidation options ands riks you can take a look at the following website."

How can I consolidate my debt with no consequences to my credit, and no high interest? I had good credit, but I purchased a new motorcycle, and unlike a bank load when you purchase a car, they gave me a credit card with a high enough limit to buy the bike (in my case $9800). It's down to about $8800 and I have about one year left at 6.9% APR before it sky-rockets. I also have two credit cards, one with about $1800 at 24% APR and the other with $2800 currently 0% APR. I would like to combine all my debt and keep the APR down. Anyone had good experiance with any debt consolidation companys? I meant bank loan not load. :P

gazelleintense.com replied: "debt CONsolidation is just that, a con. It don't work. All you do is move debt around and rename it... your goal should be to get the debt paid off... that works every time."

Brian M replied: "You need to to go to before you get in even more trouble."

butch16423 replied: "first talk to your bank or credit union about a consoladation loan - you will probably have to use the bike as collatrial--the interest rates don't change - you also know how long you will be paying on it some of those debt co are shady"

farrell h replied: "redit card debt, is not an unusual situation and we can find people everywhere, who are suffering from this very problem. Getting into debt is very easy, just a quick spending spree and you will reach this hell, but getting out of a credit card debt takes a lot of discipline and will. However, nothing is impossible and anyone can get rid of the credit card debt provided he follows these basic things. Discipline is the first thing to begin with. Yes, usually it is the wasteful expenditure and uncontrolled spending that lands a credit card holder into credit card debt. Taking a pledge to control your credit card spending unless you get out of this credit card debt will put you on the right track. Budgeting the expenditure and taking control of your finances will help you gauge what is needed and money spent on which items are bugging you later. Again the discipline comes into play. Sticking to your income limits will help you cut the overspending and simply have the courage to cut off all those things which are not absolutely important. When you have decided what is necessary, try to pay for all that with cash. Yes, you heard it right hard cash. This will benefit a debt ridden person tremendously. Put off those credit cards away for the moment. While budgeting, make sure to earmark the amounts necessary for credit card monthly installments. These funds should not be used for any other thing what so ever under any condition. This will build up a repayment schedule which is regular. Thus acting in this way you will do two things. First, you won't add anything to your credit card bill, secondly the repayment schedule will get regular. So, your debt will start reducing regularly. Read more from:"

If I consolidate debt with a Home-Equity loan will it improve my credit score? I have just spent a substantial amount of money on a remodel, mostly with a credit card. I am worried it will affect my credit score, so I want to know what I can do. Paying it off within, say, 24 months isn't an option.

spifiman1 replied: "This is a good option. I did it a couple of years ago and it lowered my monthly payment and I get to write off the interest on my taxes. As far as your score is concerned, it really should not make any difference because all you are doing is transferring your debt from one place to another. Just be sure not to make the laon for longer than 60-months."

Jason W replied: "You may be able to to roll it into your 1st mortgage without the cash-out hit if you have receipts for the work done. This will be cheaper over the long run as the rate you will be repaying is lower than you credit card and tax deductible. Your credit card if close to the max will affect your score as this is viewed as bad use of revolving credit."

Studly replied: "What you are planning is a good idea....just be careful of the fees the charge you. But one major warning. Over the past few years home equity loans have been very popular for people trying to consolidate debts. But what they end up doing is run up their old credit cards again. Now they are in twice the amount of debt, risk losing their home and up filing for bankruptcy. I've seen this happen many times. You need to get a firm grip on your credit spending to make sure it doesn't happen to you. But to answer your question, generally it will have a bad effect to your credit score because you are adding more credit limit to your history. But there are other factors involved....and in your case I don't think any negative effect will last long. Just keep making your payments and watch your credit spending and you will be in great shape."

K R replied: "As long as your total debt to credit limit ratio stays below 30% your scores shouldnt drop. If you have used more than 30% of your total available credit then you should consider a home equity line. By taking out a new line of credit and paying off the other debt, you have reduced your overall debt to credit limit ratio. In addition the Home equity line may be tax deductible, so there may be an added benefit."

How do I consolidate my debt without getting ripped off? I messed up my credit (18-24) and the I took my time to repair it. By age 30 I was above 700 and climbing. Then, I bought a business and I am going through the early grind. Destroying my credit along the way. (grrrrr).

Paul Hxyz replied: "Be sure to go through a non-profit agency that has a record that you can look up. Stay away from the ones that do it for a profit - you will be paying them off for years. Good luck to you."

bowling301301 replied: "The best way to make sure you do not get ripped off is to get a good faith estimate from who ever you are working with. And then take that good faith and you can compare with other mortgage companys. Make the company your going with show you a good faith estimate and you should be fine."

iceman replied: "Your best way to not get ripped off is to not consolidate.. at least not with a consolidtion agency. It hurts your credit score and doesnt really save you anything in interest payments. The only advantage you are getting is paying 1 large bill rather then a few small ones. Trust me, I consolidated my debt when I was 22 and it dropped my credit score like 100 pts over that year. Took me the last 5 years to build it back up."

angela replied: "Where I live, Goodwill Industries has a debt consolidation division. You might look in your phone book and see if there's one where you live. You also might check with the SBA (Small Business Administration) about a business loan."

asccaracer replied: "go through your bank where you do your business banking or a agency run by a charity like the goodwill etc. Most people who run "not for profit" dept consolidation companies wind up costing you in the long run. Most all are scams run by collections agencys that get paid by credit card companies to collect debts. Your bank branch manager would be the best to advise you. The better you can build a relationship with your business bank the stonger your business will be in the future."

Should I consolidate all my credit card debt?? I have two credit card that has a total of $19,000 debt with a crazy APR of 24%. I got an offer from another creadit card company that's offering a personal loan up to 35K with an APR of %7.99. Should I go ahead and consolidate my two CC debt and get the low APR personal loan? Would getting another loan decrease my creditt score? Thanks. By the way, this is not an offer from a credit card consolidation co. It's from Capital One offering a personal loan w 7.99APR for the life of the loan.

ZACH replied: "It would be a good planning to do so and try to eleminate the debt systematically."

Miss V replied: "Is the APR of 7.99 a teaser rate or will it be locked in? If it's locked in, by all means considering borrowing ONLY ENOUGH to transfer the balance. Don't accept more money or more debt until you get your spending under control. Read the fine, fine print."

xbrianxlorenzo replied: "I do not think that it should hurt your credit. It is actually better that you consolidate all your debt. Just do not close those two credit cards. Keep them open because when you look to acquire a mortgage, you need to show that you have open trade lines of at least $5000, and one of them has to be open at least two years. Paying it down as much as you can will only boost your credit score and never being late on it especially"

J. W. H replied: "you will be a fool to do so.. you will be creating another debt to pay an existing one.. do not rely on anyone who says that they can lower your credit card debt.. they do not lower it.. what you want is to negotiate is a lowering of your interest rate.. do that with your present credit card company.. I think if you talk to the right people you can solve this thing yourself.. look it up on line and read the truth about so called debt consolidators.. get the truth first.. and then follow the expert suggestions.. do a little digging on how the debt consolidators work.. you will amazed at some their tricks to hook you even deeper...you can stop the debt.. but you have to take action first.. look it up and do the research.. good luck"

stephen h replied: "THe loan should help your credit score by lowering your debt to credit ratio on the two credit cards. If 7.99% is fixed for the life of the loan, I would jump on it. Just don't run your credit cards back up."

Succes replied: "If you are caught in the credit card debt trap, approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money. However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it."

I used VSAC (from Vermont) for loan.I consolidated and got 24.15% interest which doubled my school debt.Wrong? This debt is both from unsecured and secured Stafford loan VSAC obtained for me. Can I reverse the consolidation back to my old rate (near 7%) ? My debt jumped from 25,000 to 50,000 (unless I pay back fast).

NotAnyoneYouKnow replied: "I'm not quite buying that 24.15% interest rate - are you sure about that one? But anyway..that's not really the issue. Your situation is a perfect example of why consolidation sounds so attractive, but almost always turns out frighteningly dangerous. The sales pitch for a consolidation is "CUT YOUR MONTHLY PAYMENTS!!!!" - and as you've probably discovered, that's exactly what a consolidation loan can do. But it's HOW they cut your monthly payments that isn't quite as attractive - and I think that's often lost in the fine print. There are only 3 ways a consolidation loan could possibly "cut your monthly payment" - they could either: Cut your interest rate significantly (nope) Forgive a big part of your debt, so that you never have to pay it back (don't you wish) Stretch your payments over a long, long, long period of time (bingo!) If you're not loan savvy, that idea of stretching your payments may not sound so scary - but that's only because you're not taking into account how interest accrues on a loan. The longer you take to pay - and the less of a dent you make in your loan balance each month - the faster the interest grows. A consolidation loan works exactly the way you're describing - your monthly payment obligation probably went down a pretty good amount, but by the time you're done paying this loan, you will have paid tens of thousands of dollars more - and all of that money is accumulated interest. Bad news - you can not reconsolidate a consolidated loan - unless you have at least one new loan to roll into that consolidation package. Congress changed the consolidation rules back in 2005 to specifically prevent students from doing this (the additional loan thing is a little bit of a loophole). Even so - you're not going to save any money with a consolidation loan - no matter what the interest rate. Consolidation loans are sold as the borrower's best friend, but the reality is that they are far more advantageous to the lender. Double check that interest rate - that seems practically criminal. But I don't think you're going to find that consolidating those loans will turn out to be a financially advantageous decision. Good luck to you."

Help $24,000 Credit Card debt! Best way to pay off? Was out of work for a year (well only casual work for agency) only earned $15,000 so stacked up the credit Card bills as single mother (widow). Now working casual call centre so good money and want best way to get down debt. Can not consolidate as credit bad now & now more help. Can afford $200 a week if I really try, so do I pay $40off each or minimum off lowest interest & rest of high. Or pay off low and balance transfer high???? Have 5 Cards paying off (now all cut up - only use cash) $7,000 @ 20% $4,800 @ 19% $2,730 @ 18% $3,657 @ 11.5% $5,750 @ 11.8% Help I feel like im drowning thank you in anticipation. :( Should have said am in Australia. Not entitled to social security as I earn over $600 a week with no dependants under 18. I no longer use any cards, have rung and closed accounts. But doubt if anyone would give me 0% transfer balance as was in the p-- for 6 months real bad. Thanks for all your help Lauren. Yes take lunch to work & catch public transport & make a lot of soup, eat a lot of noodles, cut my own hair & dye it & only eat meat once a month. Dont buy clothes & shoes execpt in op shops. Pretty proud how u can live on a budget. PS pay rent. Not buying never will. Had to start again at 42yo as lived with a gambler. thanks for all your advise.

Lauren F replied: "If you can find a 0% balance transfer offer, grab one of those and move as much of the 18%+ debt to that offer. I like the Pentagon Federal Credit Union - they offer a 2.99% for life of the balance transfer offer. Otherwise, pay the minimums on everything, and as much extra as you can on the highest interest rate card. Then when that is paid off, take the payments you were making on that one and tackle the 19% card, and so on.. Another way to help reduce this is to pay little amounts very frequently. For example, say you planed to pay $200 a month toward one card. Instead, use the cc company's website to pay $50 a week, every week, so that it brings your average daily balance down faster. Also, if you have any items you bought and can return, do that, so the credits/refunds will reduce your balances. Another trick - if you usually get an income tax refund, see if you can change your payroll to have less withheld and more money in your takehome pay to tackle this faster. Try to find other ways to reduce expenses and free up more money for payments - carpool, bring lunch to work, etc. Finally, I don't know if you are in the US, but if you haven't looked into social security benefits for your family (as a widow) you may want to do that. If you qualify, it will increase income for your family. See. Another good government website for benefits is: "

LCee replied: "start with the highest interest 1st pay the max to them & make min to the others you need to call them and close al the accounts. You could try working off a settlement amount with them they may except half or a little more your credit is already ruined so this isn't going to really matter"

CatDad replied: "I would advise entering into a debt management program. Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS). They can negotiate reduced interest and payments. They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it difficult to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would might be denied while you're enrolled in the CCCS debt management program... Two advantages: It would cut all interest rates down to the 10% level and it would force you to stop using all credit...which you really need to do."

Mon replied: "credit card debt "

G. Whilikers replied: "Mathematically, you should put all your spare money toward the highest APR first, that's the most expensive borrowed money and the sooner you get that paid the less it will cost. Especially since it's nearly twice the annual interest as the lower rate cards. For psychological effect, work on paying off the smallest balance first. You'll feel better about your quest when you get that first one out of the way faster, and its payments will work even harder for you on the next card."

Is it possible to take out a personal loan for $25,000 with a cosigner? We are trying to consolidate some debt from business transactions which occurred 16 months ago. We've been paying credit cards on time with more than the minimum payment since then. We've called to get interest rates reduced but some won't budge on the rates. Our credit score is in the 700s but I just want to clear this debt. We don't have enough equity in our home to take out. We are committed to paying this debt and have the finances to make payments. My father has offered to be a cosigner with us if we want to try to get a loan that will help pay off the debt in 24-30 months. Is this even possible? Would we be paying the same kind of interest anyway? Thanks for your help.

Patrick H replied: "Dad Got a home? Can HE get a home equity? At least the interest will be tax deductible....for him. If your credit / income is that decent, why would you need a co-signer for a personal loan? If your current CC provider does not budge, FIND ANOTHER CREDIT CARD. Sheesh don't you get 10 offers a day in the mail. Balance transfer to 0-3% Final note, if your cards a MAXED OUT, your credit score will start getting beat up. Try to spread the balances around on several cards keeping balance to limit ratio <50%."

John Loves Jenn replied: "you can try prosper.com ------------------------------------------ I'm posting this to warn EVERYONE on yahoo! abt Loan scams. Beware of Advance fee Loan scams. LOAN SCAM - Do Not Pay UpFront Fees. Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money. Advance-fee loan sharks are preying on unwary consumers, taking their money for the promise of a loan or credit, and leaving them in hot water. The scam artists often impersonate legitimate lenders to entice consumers into falling for their bogus offer. According to law enforcement agencies in the U.S. and Canada, ads and promotions for advance-fee loans suggest or even guarantee that theres a high likelihood that a loan will be approved, regardless of the applicants credit history. But to take advantage of the offer, the consumer has to pay a fee. The catch? The scam artist takes off with your fee, and the loan never materializes."

danny replied: "All types of loans are available for students,employees and retired persons.Worldwide banks are ready to provide the loans for all.See the website below and apply your required throe on line."

Having a hard time getting a loan tried 3 different places and still no luck. I am trying to consolidate all my debt (about $24,000) I have tried Citi Financial, American General and HFC. However, no luck with either one. My score is about 580 and my co applicant is 630. I have to get a loan because I have a credit card that is in collections and is soon to be a possible judgment! I know this is my fault. I am humane and I have made mistakes but I am on track with my life and need help to pay off my finances does any one have any suggestions, or places I may be able to try. I am 25 years old and don't want to be ruined for the rest of my life.

mrwizard9090 replied: "have you tried the bank that you are a regular customer with(checking account, etc)? or a bank in you town or neighborhood? one of the things that caused the meltdown is the lack of a handshake and a look in the eye. telephone and internet do not provide those. banks are only making loans to prime customers these days. one way to be a prime customer is to show up in person at a place you have a relationship with."

Karma replied: "You have my respect for taking responsibility for your debt and being proactive. Have you tried debt consolidation places online? You can try Googling "debt consolidation". I've heard of CareOne but never tried them personally. Credit Solutions of America might also work. Best of luck getting that loan. I'm 25 too and have student loans I'm still paying off so I know what it feels like to carry that weight around."

Saul R replied: "I have worked at Citifinancial AND American General and for your situation, I would suggest United Finance. The rate won't be pretty, though. In all reality, you should give up the idea of getting a $24,000 consolidation loan unless you are a homeowner with lots of equity. Maybe try a more modest amount and consolidate a portion of your debt."

Pengy replied: "With those scores trying to get an unsecured loan is impossible, and each time you apply your score will go down further, making it even more impossible to get a loan. Go to consumer credit counseling services and see if they can help you, not really any other choices out there with your situation."

Jody S replied: "You can go for a debt consolidation loan from a debt consolidation company that way you can pay off your debts and also improve your credit score. But check out on the interest rates they would offer otherwise you can also go for a debt management plan wherein a debt counselor would total your debt amount and negotiate with your creditors and based on that will provide you with an affordable debt repayment plan."

Is debt consolidation a scam? I'm at the end of my rope.? I got laid off two months ago and have been working odd jobs since. I have student loans, a car payment, rent, phone and credit cards and I pay what I can but I am being hounded with 20 calls a day. I'm a good person. I am so scared. Should I consolidate my debt :(. Or just bankruptcy since I am 24

pechinrules replied: "Any company with the name ACME in it stay clear."

bdancer222 replied: "Debt consolidation usually means taking out a big loan to pay off all your debts. If you don't have a job, you won't qualify for such a loan. It is a bad idea anyway. People tend to run the credit cards back up. Then you have the big loan payment and the credit cards too. Some people refer to debt management programs as consolidation. Check here for an NFCC member in your area: . These are legit, non-profit credit counseling companies who offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt. You may not qualify for bankruptcy. It really depends on the total amount of debt. But bankruptcy stays on your credit file for 10 years and student loans may not be discharged in the bankruptcy. Find another job, even if you have to take a semester off school."

SlimMick replied: "Lenders usually only give debt consolidation loans to people with good credit....Even if you qualify, doing debt consolidation can be a dangerous path to go down...It takes extreme discipline to do this.....After their credit cards are paid off from the consolidation loan, to many it's simply too tempting to use all that available credit again on their credit cards...and you can quickly find yourself in twice as much debt as before. Another option: Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They DO NOT negotiate settlements. They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program.... Otherwise, it can be a very good way to deal with your debt."

Kaniya replied: "Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy. Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so youll no longer have to deal with harassing phone calls and daily mail."

Eric M replied: "Debt consolidation is good if your in number of debts. They will help you in reducing your interest rates also. You can try freedom debt relief as they have a debt reduction program which can help you in early exit of debt."

Kate K replied: "Never Bankruptcy!! That is the last resort. If you cant take out a loan for debt consolidation, then try debt settlement. Debt settlement is basically negotiating your debts down to 30-60% of what they are. If you cant pay your bills, then this is a good option for a couple of reasons. First, the companies you owe money to want to get some money back, so what they do is basically "settle" with you and you may pay less than half of what you owe. In this economy, many companies would rather do that then see you declare bankruptcy and never get any money. It will hurt your credit, BUT only until the debts are "settled". After that, your credit should be back up again within 6 months to a year if you are keeping up with your current payments. Bankruptcy WILL hurt your credit for at least 7 years. There are many companies that negotiate settlement on your behalf, but you can deal with your loan agencies and credit card companies yourself and bypass the fees. Good luck an check out the site below."

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