Each of my creditors want me to play them indivually and some say consolidation will take 30 odd years but I don't know if I can trust them or consolation, so I seriously want to know who's the best person/or company to get rid of debt.
2006-06-28 16:40:00 · 5 answers · asked by youdontneed2knw 3 in Business & Finance ➔ Credit
The answer is YOU! The best way to eliminate debt is with a simple interest loan. This allows your payment to have a bigger impact on your principal balance and not interest and fees. A simple interest loan is commonly a secured loan such as a 2nd mortgage. In addition you can set the term between 5 and 30 years. The 30 year loan will give you the smallest payment, so make sure you don't have a prepay penalty.
2006-06-28 19:11:30 · answer #1 · answered by tony 2 · 0⤊ 0⤋
It depends on who your creditors are and how much you owe them. If you are paying back lots of different credit cards you are probably paying more interest than you need to. A debt consolidation loan would usually have a lower rate of interest, so for the same money you could pay your debts off faster. And if you can consolidate your debts, you won't have creditors harassing you, which can take a load of stress out of your life.
But you do need to do your own research, based on your circumstances and financial situation. You must take control, or else someone else will. There are answers to most debt problems and there are many resources out there which supply useful information.
Good luck.
2006-07-06 00:44:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This question is difficult to answer, based on the information.
Yes, if you have home equity, that is the best type of consolidation.
If you don't own a home than chapter 7 bankruptcy might be your solution.
Most likely, you don't have home equity or you would already know the answer. If you do have a home and have already maxed your equity than you are just trying to buy your way out of debt.
File chapter 7 and be done with it. Start over and don't repeat those same mistakes.
2006-06-28 19:50:08 · answer #3 · answered by David H 3 · 0⤊ 0⤋
Debt Consolidation is the best:
http://www.askaquery.com/Answers/qn1643.html
2006-07-02 20:36:48 · answer #4 · answered by Gem 1 · 0⤊ 0⤋
There is some useful tips here.
2006-07-02 04:14:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋