Posted on May 14, 2010 at 4:49 am What is B of A debt consolidation?

Posted on May 14, 2010 at 5:17 am What is B of A debt consolidation?- The Bank of America "Clean Sweep" offer. (Bank of America Offers “Clean Sweep” Debt Consolidation Loan Up to $50,000. )-One Phone Call- One Predictable Monthly Payment -One Fast Way to help you get out of debt.

Posted on May 14, 2010 at 5:55 am B of A Debt consolidation sounds like a bad thing according to thishttp://getoutofdebt.org/4108/bank-of-america-offers-clean-sweep-debt-consolidation-loan-up-to-50000-lets-look-at-the-facts-and-see-who-is-really-cleaning-up

Posted on May 14, 2010 at 7:25 am The summary of that article states that: Bank of America promotes its CleenSweep debt consolidation offer as a way to get out of debt with one predictable monthly payment. A quick examination of the offer easily shows us that the intent of the offer is not to get us out of debt, but to in fact encourage the extension of more credit and cash to use how we see fit to use it. The idea that this offer will actually be as shown to the majority of people who apply is very suspect. The majority of people will not be able to repay their debt in accordance with the repayment table shown and there is nothing fixed about the monthly payment when the terms, fees, and APR can be changed at will by Bank of America. In fact, the repayment table is completely misleading, false, and inaccurate even for the most qualified of applicants. The table shows a monthly repayment amount for 96 months, that’s eight years. There is no recorded time in the history of the prime rate where it has held the same interest rate for anywhere near that time period.

Posted on May 14, 2010 at 7:47 am You don't need that B of A consolidation to get out of debt URI, you have other options. If your debt are mostly unsecured, you can try credit counseling or debt settlement. Those can be done diy or with the help of professionals. As to which program suits you will depend on your debt amount and account status.

Posted on May 14, 2010 at 8:05 am Speaking of credit counseling and debt settlement, regarding the fees - Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee.Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.

Posted on May 14, 2010 at 8:56 am Right, and as to which program to choose, it depends on your debt amount and account status. For debt settlement, it's $10k and above and past due accounts. For credit counseling, it's less than $10k and accounts current. Just one more comment about credit counseling, you can do this diy, just ask your creditor about their hardship program.

Posted on May 14, 2010 at 8:59 am And if you can do debt reduction (ala credit counseling dmp) diy, you can do that with debt settlment as well, here's where you can read all about it http://settleonyourown.com/

Posted on May 14, 2010 at 9:05 am Thank you everybody for the replies! Debt settlement sounds interesting What is it about again? And I' m just wondering about its effect on my credit. Also, how long is the program?

Posted on May 14, 2010 at 9:15 am Hey URI, debt settlement is a program that aims to reduce your entire balance to more or less half and help you be debt free in less than 3 years. Debt settlement stays on your credit report for 7 years but it won't appear on your public records like a bankruptcy would. If you're interested to know more , please feel free to fill out a form here at destroydebt.com - and should you decide that debt settlement is the program for you - get matched up to the right company too - free of charge;