I Need To Consolidate My Credit Cards
Posted on
July 12, 2009
at
11:47 pm
HI everyone I need help with my credit card debt. The total amount for all of these debts that I have is $36k. I need to consolidate the credit cards that I owe because this is my best option right now. I am confident that bankrptcy is not for me. Now my question is, can you please suggest ways on how to do this? Thank you, and your responses are much appeciated.J.B.
Posted on
July 13, 2009
at
12:48 am
Hi, JB. Given the amount of your credit card debt, I'd personally suggest that you enroll your account in a debt settlement company. That way, you'd be able to pay 40-60% of that balance. You also won't be obliged to pay off the entire lump sum of the settlement, either, because you'll be given a year or so to pay the settlement amount.Kudos to you too for knowing that bankruptcy is not the best option for you!
Posted on
July 13, 2009
at
1:50 am
Great. Yea i know how hard it is. My brother-in-law filed for bankruptcy and he's having a hard time getting back on his feet. He lived with us for a while so we know what he went thru. Good thing he doesn't have a family to take care of.When you say "a year or so," can you give me a more specific time period, please?And what else are the consolidation options out there? i want to know more about these.
Posted on
July 13, 2009
at
2:40 am
JB, welcome to the forum! Debt settlement typically takes 12-48 months before the program is completed. The other consolidation options include:1. Chapter 13 bankruptcy2. Credit counseling - and if you qualify for the counseling agency's Debt Management Plan, you'll be making one consolidated payment to the company, who in turn will pay all your creditors with minimal amounts each month. In the process you'll also be charged lower interest rates. It is also possible for late fees and other charges to be stopped once you're under a DMP.3. Obtaining a debt consolidation loan
Posted on
July 13, 2009
at
3:03 am
Oh, wow, how is Chapter 13 bankrupcy considered as debt consolidation?And can you tell me more about debt consolidation loans please? Do they work like payday loans?
Posted on
July 13, 2009
at
3:20 am
Here's how it works. Under Chapter 13 you'll be under a payment plan with all your creditors. It works similarly to a credit counselung service where you'll be making one regular monthly payment to your bankruptcy trustee, who in turn will distribute the payments to all your creditors. The catch is, your creditors will be hands-off of you, because of the automatic stay in bankruptcy. In other words you'll be granted immunity from all your creditors.
Posted on
July 14, 2009
at
3:38 am
JB: When you have a debt consolidation loan, you're basically getting a loan to pay off your other loans. The most common form of this type of loan is to use up the equity that;s been accumulated on one's house. What some homeowners do is borrow the equity that's been set up on their current home, and borrow that amount from their mortgage lender, and use the funds to pay their loans. It's not a very wise option for me personally, because you'll be adding up more debt than what you already have on your hands right now.
Posted on
July 22, 2009
at
4:26 am
What about a zero interest balance transfer? I hear it circulating around the Internet and they say it's a helpful way of getting out of debt, but I know you guys would know otherwise. What do you think about that?
Posted on
July 22, 2009
at
5:24 am
JB = That entails applying for a 0% credit card and using that to pay off your other bills, in hopes that a lesser interest rate would ensue. While it may be a good idea in theory, this process does not address the root problem of why you want to get out of debt in the first place. Besides, the low interest rates only last for only a few months or so, and regular interest rates would shoot up once the promo period is over--giving you another potential headache to wrry about. It would add another debt to what I assume would be an already unmanageable debt problem, and I belive that that way to address this is to stop acquiring additional debt.
Posted on
July 31, 2009
at
12:56 am
i need to consolidate my credit cards but i dont have enough to pay for the service. can that be still possible? can it be done
Page: 1 2
|
