Credit Card Debt Consolidation services can make it happen, and there’s no doubt about it. There’s no reason to delay and nothing to lose. Credit card debt consolidation can also help you avoid creditor harassment , one of the main elements that trigger stress induced health problems. Credit card debt consolidation usually makes the combined balance more manageable especially if a lower interest rate is provided. But, if there are multiple other accounts involved that were not part of the consolidating effort, it may take some time to get them all reduced to a manageable level.
Typically, when a customer buys a product with his card or uses his card as an alternative for hard cash, he is offered an interest free credit period. The customer has to make a payment for the credit used on the card before the credit period ends. Typically, debt consolidation programs are debt repayment programs. They can consolidate most types of unsecured debts from major credit cards to personal and student loans. Typically the interest on a debt consolidation loan is approximately 17-23%. That?s a hefty amount of interest that may actually be more than you are currently paying on your debt.
Bad credit debt consolidation is helpful if you want to reduce your debt burden. It is an effective technique for improving your credit scores. Bad credit and excessive debt does not make you a horrible person. With a little help from us, you will be able to get your credit and finances in top shape again. Bad Credit Personal Loans – Our company’s mission is to help people obtain the bad credit personal loans they so desperately need. We’ve helped thousands of people with credit problems find the right personal loan that meets their needs.
Credit Card debt consolidation is a short term answer to a much broader problem. Credit card debt consolidation is an agenda where the debt settlement company directs the debtors in reducing their debts through a monthly compensation of a fixed amount. Debt elimination is not similar to a loan program. Credit card debt consolidation gives you an opportunity to reduce your debts under single lower monthly payments. Thus you get rid of all high rate credit card debts and replace them with the new low monthly payments.
Debt Consolidation Advice and Assistance is our speciality
Debt consolidation is certainly not all bad and in fact can actually help out
many who find themselves in severe financial hardships. If you do seek debt
consolidation as an answer then you will have to understand that you can
negotiate the terms of the consolidation. Debt consolidation is an excellent
tool that can help you manage and decrease your debt when you just can’t seem to
do it on your own. There is no way that you can completely fix bad credit
without the ability to reduce debt and pay your bills on time. Debt
consolidation is not a loan , but a way to lower your monthly payments and lower
(sometimes even eliminating) the interest, late fees; over the limit fees you
are currently paying. Don’t delay, start today and take control of your
finances!
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Watch the video related to debt consolidation
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Depending wich type of student loan consolidation. Private (finance companies) consolidations may accept to include personal debts in the loan.
Good luck !
A wonderful animated video.
Hi,
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Your best bet is to do it yourself without the fees that a debt management program charges.
-Come up with a budget that frees up more cash to pay more than the minimum on your highest rate card.
-Find ways to save money each month to put towards that debt (use coupons, eat out less, less driving to save gas, etc).
-Find ways to be more frugal (spend less on gifts, make meal plans that use common ingredients, have a garage sale, spend less on new clothes)
-Call each of the credit cards and ask for a lower rate (it may work, you never know).
-Improve you FICO scores to get better rates by limiting credit inquiries, paying bills on time, lower utilization ratios, etc.
-You will be surprised how the balances start moving downwards if you are diligent and work hard to put extra cash towards the debt.
-When you get extra cash use it to pay off debt (tax rebate, tax refunds, bonuses, gifts, etc.)
-Once you pay off that highest rate card, put that monthly amount to the next card and watch the balances and interest paid drop (called the snowball effect).
Oh and good luck! Lots of people have been where you are and come out the other side debt-free and happy!!! Just keep working hard.
First
"Unfortunately like most people now a days I ran into some financial trouble"
is not true. There are a far larger number of people who still continue to pay their bills on time each and every month.
Now what you might try is to go to CCS, a credit counseling service who try and help you negotiate down interest rates and payment amounts. ONLY CCCS, consumer credit counselor service, look in the local phone book. There is a down side because it may be on your credit reports that you are on the program but reflect you paid all your creditors when paid off.
If you are being badgered and you will NOT get a loan without collateral or a cosigner this is something to consider. Go have an interview with one of their counselors and see if they can help you and know what they are saying before signing on the dotted lines.
$9,000 is not a big deal at all.
If any are seriously past due, you can call them and make an offer for much less than she owes. Just make sure to get the agreement in writing, then mail a money order (not a check) along with a copy of the letter. Keep the original letter and copy of the money order FOREVER.
For the rest, make all the minimum payments every month. Take EVER EXTRA DOLLAR you have and put it to the lowest balance. Once that is paid off (which should be quickly), start applying that amount to the next one. Continue the debt snowball until you are out of debt.
To do this you have to cut out ALL unneeded expenses. Don't eat out, don't buy new clothes, get rid of the cable, get rid of the cell phone, etc..
If needed, get an extra part-time job (or two).
Just buckle down and pay it off. IF you booth work hhard at it you could easily pay it off in less than a year.
In the meantime PAY ONLY CASH OR DEBIT for everything.
DON'T CONSOLIDATE. Rolling everything into one payment does NOTHING to get you out of debt, and it frees up all those credit cards so she can charge up more junk. Your problem is not having to write a bunch of checks each month so consolidation won't help.
You sit down at the end of each month and WRITE a budget for the next month. List your income for the month at the top of the page. Then list what you will do with EVERY PENNY down the page. Note: saving is an item on the list. You deal with car repairs, etc by setting aside money BEFORE you need it. This is why EVERY financial expert recommends having 3 to 6 months (or more) worth of expenses in an 'emergency fund'. Then when the INEVITABLE emergency happens, you have the money to make it go away.
Note: I only read about 2 words of your question details. Nothing in them changes the answer.
You asked for advice, so here it goes. I will tell you about the plan my wife and I are on later.
FIRST, Do not do debt "CON"-solidation. These people are mostly scum. They will charge you money to do what is already in your power to do and you will probably not be any better off. Debt as they really don't care about the timing of your bills being paid, they care about themselves being paid. It will also go on your credit report as a black mark. If you are current on all your bills, the creditors will not make a deal with you. They have nothing to gain by this. If you are way behind and have not sent them money for a long time, they think they will not get their money and be more likely to settle with you. Enough on these sharks.
Next, Debt consolidation loans are a tricky thing as well. If you take out a new loan to pay off old debt, you are not paying anything off, you are just moving the debt to a new place. I know this because we fell into this same trap. We felt like we were doing something. In fact, we weren't. We took out a loan, paid off all of our debts and did not change our spending habits. Now we have the consolidation loan payment and the credit card bills. Now we pay 2 payments instead of 1. Real smart eh?
You must change your spending habits to be able to pay down debt.
You do make a fair amount of money and I am happy for you. Now you need a plan to make that money work for you.
I know this will sound like a commercial, but read on. This plan has changed our financial lives.
The plan my wife and I got on is from a guy by the name of Dave Ramsey. I started watching this weird guy on Fox Business Channel talking about living on cash and tearing up credit cards and doing smart things with your money. After a couple of weeks, my wife and I looked at each other and the light bulb went on. This weird guy makes a hell of a lot of sense. I went out and bought his book, The Total Money Makeover, the next day. I read it in 1 day and felt like I had been hit in the face really hard. My wife read it and she felt the same way. There are many myths and truths about money and we were living the myths. This program is awesome. We started in November last year. We have paid off both cars ($800/month) and had a cash only holiday season. Both cars were paid off almost a year early. We now take that $800 and apply it to our other debts along with every other dime we can find. The short version of his program is:
1. $1000 in emergency savings saved
2. Pay off debt using his debt snowball method (see book for details)
3. Fully funded emergency fund of 3 to 6 months living expenses. You already said you do a budget and this number should be easy to figure out.
4. 15% invested in retirement savings.
5. College savings for kids
6. Pay off house
7. Super saving and investing.
The key to this program is to say no to yourself and others. Pay off debt, smallest to largest, regardless of the interest. See book for psychological reasons why. You are already on a budget so that is good. That is also the key. You can not spend any other money than what is on your budget.
Our spending habits have changed dramatically. Once you see everything on paper and get mad at your debt, you will be surprised at how easy it is to say no. We do not go to the bar, out to restaurants, vacations, or anything else until our debt is gone. We are having a huge garage sale and the proceeds will go directly to the debt.
Sorry about the length. This is just so cool to be working through this instead of dreading paying bills, I sometimes get a little over rambunctious. We no longer have that sick feeling in our gut when we do bills. We have a plan and are sticking to it. Nothing great was ever built without a plan.
Please do yourself a favor and pick up his book. It will make you realize a ton of dumb things you have been doing with your money. I know it has really opened our eyes. We have no more credit cards and are using cash and debit for everything. If we don't have the cash, we don't buy it. We save for it. That simple. We have sworn off debt.
You can check out his website @ http://www.daveramsey.com. He has a great video introduction to his program. It is under the Financial Peace University tab on the left of his home page. It is about 24 minutes long and really worth a listen. Is it the best program or the most efficient program in the universe? Who knows? It has given us hope and we are making tremendous progress.
I wish you all the best in getting out of debt. Good Luck
P.S. Sorry about the length but you asked.