Bank loan or debt consolidation program for credit card payoff?
Due to a family tragedy, my husband and I are currently in $26, 000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open we are not still charging, though. We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about I know some of those are scams and some are real. Any advice or experience?- A bank loan will require some form of collateral, like a house. If you can not pay the loan, you lose the house. Debt consolidation will trash your credit score. You are better off negotiating with each credit card. Mention to them that you may have to declare bankruptcy due to the high rate and could they lower the rate. In most cases, they would do that
- If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can not be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt. Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder. A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non - profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non - profit organizations offer free of charge services. Just because the non - profit organizations are free, it doesn't undermine their quality of service. The persons ociated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder. Read more from: credit - card - gallery.com / article / 353, Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
- They may be the same thing. First look at the fine print on your credit card. Some credit cards will have a penalty of paying to much to soon. If that's not there, then you probably want a bank loan. Again, you might have a penalty of payng the bank back too soon. The bank may loan you money for less than a debt consolidaton company. If you can not get a bank loan, then you could alway try a debt consolidation company
- A consolidation loan is the ideal solution based on info provided. The interest rate will be lower than credit cards are charging, the minimum monthly payment would be less and you could probably double up on the monthly payments in order to reduce the effective rate and settle the debt quicker. A consolidation loan will not hurt your credit rating. If you do not qualify for a full consolidation go for as much as possible and resolve outstanding high rate cc debt as soon as possible. Debt consolidation programs are often registered on your credit report and should not be used unless you can not resolve the problem on your own. Entering into a debt consolidation program should be a last resort
Knowledge Base
Do debt consolidation companies pay off credit cards that are already in the hands of a law firm / collector?
chase filed a law suit against my husband for a delinquent credit card. he never had to go to court but they the law firm wanted $300 / mt until the card was paid off. we're still paying on it and it's a huge budget buster! we only have a (consolidate debt)
When living paycheck by paycheck, what is the best way to consolidate debt?
can you give me insight as to the best way to save money, make money or consolidate current debt so that living paycheck to paycheck and worrying about whether or not one can make rent will not be a constant worry? please serious responses only, not the "don't buy anything" (consolidate debt)
What is a good debt consolidation program?
one that actually works. i am afraid to put my money into these people if they are not really going to help. i am only about 1, 000 to 2, 000 dollars and debt. i wanted to see who is actually on these programs and if they actually work from (debt consolidation loans)
Knowledge Base: Debt Consolidation
What do debt consolidation companies offers to people who are in deep debt?
can anyone tell me about debt consolidation companies and their services?. basically, one large loan to cover all your smaller debts, long term, at a more managable interest rate. since credit cards etc. can run about 20% real annual interest, this can help. they may also be able to negotiate (credit debt consolidation)
Are there any guarantees in debt consolidation loans?
i have been in sky - high debts for the past 5 years. a friend referred me to try checking debt consolidation loans. will they guarantee me of a debt - free and better life if i will get one for myself?. hope this helps. worldbestloans.com / thanks. hi, i (debt consolidation loans)
Which is the best company which can provide services like debt negotiation, debt settlement, debt consolidation?
i need to know the best company that provides credit debt related services like debt negotiation, debt settlement, debt collection, debt consolidation and others. i find these companies totally useless except for ending the h le from individual creditors. they claim to "repair your credit in 5 years", but the (debt consolidation)
What is the best way to consolidate debt?
i have a lot of credit card debt. we are now starting to pay them off, but the apr's are so high 29. 99% it's hard to even see it drop. i do not have a house to use as equity. have never filed for bankruptcy or anything like that. (debt consolidation loans)
What do debt consolidation companies offer for people who are in debt?
can anyone tell me about debt consolidation companies and their services?. a chance to end up worse than you were. they will charge a fee to get your debts cleared. you have to be £15000 in debt for them to help you. do not consider an insolvency option. the firm (debt consolidation loans)
Knowledge Base: Debt Consolidation Program
Is there such a thing as a legit debt consolidation program out there?
does anyone know of any real debt consolidation programs to reduce your monthly bills? i currently have a lot of short term, high payment / interest loans and i had to recently find a new job that doesn't pay quite as good. i need to reduce my monthly bills while (debt consolidation program)
Has anyone had any success using a debt consolidation program? If so, which one?
i am about $55, 000 in debt due to school loans and credit cards. i am looking to consolidate my payments because i have multiple lenders as well as credit cards. has anyone used a debt consolidation service and it has not been a total rip - off? i do (debt consolidation program)
can you get financing for a home if you have been in a debt consolidation program for less than a year?
does anyone know if you can get financing for a home if you have been in a debt consolidation program for less than a year? before anyone says if you are in debt consolidation you apparently cannot afford a home please do not waste your time in responding. thanks!. i (debt consolidation program)
How do you know which debt settlement or debt consolidation program to choose, when theirs 1000's out there?
how do you know which program is good and which one is right for you. i heard their is a way to check there beruo report or something, not sure what its called. how can you see the results and reputation of the debt settlement program or debt consolidation program. (debt consolidation program)
Bank loan or debt consolidation program for credit card payoff?
due to a family tragedy, my husband and i are currently in $26, 000 of credit card debt. all of the payments are current and the cards are paid on time with the accounts still open we are not still charging, though. we are looking to seriously pay this down (debt consolidation program)
