Posted on
November 4, 2009
at
2:20 am
i am new with all the debt consolidation things and i am wondering if i can be able to combine credit cards into one payment. i am currently out of a job but i am in the process of looking for one, and i hope this can be of help to me.
Posted on
November 4, 2009
at
2:50 am
If you want to find out how to combine credit cards into one, it's pretty simple--- one option is by enrolling the account on a credit counseling debt management plan. This way, your credit counseling company will combine all your debts into just one debt. The payment you make to them will then be individually distributed to all your creditors.However it would work best if you currently had a source of income in order to avail of this service.
Posted on
November 4, 2009
at
3:09 am
Karess is right. You need to have a steady source of income if you wish to combine credit cards into one thru a debt management plan. You won't be able to pay for your bills if you fail to do this, and besides, you may not be enrolled in this program in the first place.You can also try filing for Chapter 13 bankruptcy. It basically works the same way as a debt management plan does.
Posted on
November 4, 2009
at
4:13 am
combine credit cards into one...,.. you can do that also via a debt consolidation loan, right?Yes, you certainly can, but we do not really advise this method. It adds another extra burden to the consumer thru the concept of "getting a loan to pay off another loan." It does not deal with the root of the problem in the first place.
Posted on
November 4, 2009
at
9:11 pm
The trouble with utilizing Chapter 13 bankruptcy as a way to combine credit cards into one is that you'll have difficulty bringing your credit back to life after that. A bankruptcy notation will stay on your credit for 7-10 years, depending on the chapter you've filed for.
Posted on
November 5, 2009
at
1:22 am
Aside from that Chapter 13 bankruptcy will also reflect on your public records for 20 years.If you want to combine credit cards into one, I highly suggest the abovementioned option of credit counseling. You may also be able to work with non-profit agencies who may--or may not--charge you a small fee for their services.
Posted on
November 5, 2009
at
1:59 am
I find it ironic, how "non-profit" companies who help you combine credit cards into one thru debt consolidation still charge fees. How much do they charge again? $25-30 monthly?
Posted on
November 8, 2009
at
6:24 pm
Yes, Wondergirl, some non-profit companies do charge a monthly fee for that amount. Ironic but true.
Posted on
November 8, 2009
at
6:25 pm
Wat if I get a secured loan to consolidate my debt? I mean that's safer, and I can get a lower interest rate to pay it all back, right?
