How Should I Consolidate My Debt?
Posted on September 2, 2009 at 1:57 am
How should I consolidate my debts esp if they are secured? Any ideas?
Posted on September 2, 2009 at 3:06 am
Secured debts cannot be consolidated with each other, nor they can be consolidated with unsecured debts. The reason for this is simply because f the interest rates. In terms of the latter, secured debts and unsecured debts have different interest rates from each other, simply because they have collateral attached to them.
Posted on September 2, 2009 at 3:28 am
Right, and what you can do with regard to secured debts is to arrange a payment plan with your lender. Some lenders are willing to do this with you, anyway, especially if you inform them ahead of time that you wouldn't be able to make the regular payments with them.
Posted on September 11, 2009 at 2:58 am
Answer the following in one sentence each:
-How should I consolidate my debt if they're mostly unsecured?
-How should I consolidate my debt if they're mostly secured?
Posted on September 11, 2009 at 3:02 am
Answer the following in one sentence each:
-How should I consolidate my debt if they're mostly unsecured? DEPENDING ON THE AMOUNT (BALANCE), THE INTEREST RATES, ACCOUNT STATUS, AND THE CONSUMER'S GOAL: CREDIT COUNSELING OR DEBT SETTLEMENT
-How should I consolidate my debt if they're mostly secured?I'M NOT SURE - BUT A CONSOLIDATION LOAN PERHAPS, IF YOU ARE CONFIDENT THAT YOU CAN KEEP UP WITH THE REPAYMENT DOWN THE ROAD.
Posted on September 11, 2009 at 3:06 am
How should I consolidate my debt?
If filing bankruptcy would make more sense for your situation, go ahead do so, at least there is no threat of a "scam bankruptcy court." There are plenty though with credit counseling and debt settlement.
Posted on September 21, 2009 at 11:00 pm
How should I consolidate my debt if they're mostly unsecured?X & Y is correct in stating that it depends on the consumer's financial situation. To be a little more specific on which debt consolidation option to choose:
- Debt settlement works best for consumers with a higher debt amount and have fallen behind on their payments.
- Credit counseling on the other hand is more applicable for consumers with lower debt amounts.
Debt consolidation loans are also considered as an alternative but I would strongly suggest against this method.
Posted on September 22, 2009 at 2:18 am
Debt consolidation loans may prove to be short-term help but for the most part it doesn't remove the root problem of debt, which is impulsive borrowing.
-How should I consolidate my debt if they're mostly secured?You can't. Period. You may be able to arrange a payment plan with your creditor--such as a mortgage workout for your home. You need to immediately inform your lender of such an arrangement so they can also make the necessary adjustments and not foreclose.
Posted on October 7, 2009 at 9:19 pm
How should I consolidate my debt if they're mostly secured?If you're talking about a mortgage, I'd also like to add to what caffeinatrix mentioned. You can either arrange for a payment workout between you and your lender. Or, you can get a roommate to share the expenses with you.
Also, keep in mind that falling behind on your home's equity payments also ensures losing your home. Make sure to be able to make payments on it regularly so as not to lose your home.
Posted on October 16, 2009 at 2:10 am
how should i consolidate my debt--or speficially my car payment debt?
Page: 1 2 3
4