I do not have bad credit or anything but I owe a couple thousands on my credit card. I also have another bill which I owe like $2500. The problem is that their interest rates are crazy and high and I have like four or five years trying to pay it off and well I give payments on time and all but the amount doesn't seem to go down at all. I would like to like to get those to bills and make one. Like get a loan and hopefully having one bill instead of two will help pay those debts out. Please if you have any advice on these, share it because these bills are just a pain. Thank you for you help.
2006-08-04 18:03:56 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Since it sounds like you have been keeping on top of the payments and you say you don't have bad credit, why not check with your bank or credit union for a "personal loan".
I don't know your credit history (other than what you mentioned) or what interest you are paying on the card and the other bill, but I'm sure your bank or credit union can easily cut that interest down significantly. Then you would finally see some headway with your payments.
I wouldn't advise bankruptcy or the consumer counseling service if you want to keep your credit in good standing. Both of those will seriously ding your credit.
And, refinancing or getting a 2nd mortgage would kind of defeat your purpose because you would have to pay the costs associated with it. Which would probably about as much as one of the bills you are trying to pay off now.
2006-08-04 18:52:59 · answer #1 · answered by echo 7 · 0⤊ 0⤋
It is possible to get a debt consolidation loan. They are not all scams.
If you have good credit and you are managing to keep payments up to date then do not even remotely consider bankruptcy. That would truly be a last resort.
The first place I would try is your bank. Give them details of everything you owe and they might be able to give you a loan. If they can't, or won't, then shop around to see where you could get the best deal.
There's a lot of advice on this website, which might provide an answer to your question.
Good luck!
2006-08-05 18:08:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
To answer your question, it may be of benefit for you to seek out what's called a Consumer Credit Counseling Center. These are legitimate organizations, and don't charge you a fee to assist you in paying off your debts. They will contact the companies you owe money to, and will help put a stop on any collections. They will set up payments that are feasible for you to pay, and will help clear your record! These can be found in your local phone book or via the Internet, depending on where you live. Good Luck!
2006-08-05 01:10:40 · answer #3 · answered by Eric B 38 3 · 0⤊ 0⤋
If you own a home, you can easily pay off your debt and maybe even save a few hundread dollars a month. To do this you would have to refinance your house, which can benefit you in many ways, but it can also hurt you. I recommend calling a company called NewLine Financial. They will see if they can put you in a program that would pay off your credit cards and benefit you at the same time with your mortgage.
2006-08-05 01:48:55 · answer #4 · answered by AK 2 · 0⤊ 0⤋
bankruptcy, the companies you ask about are scams, your credit still stays shot
2006-08-05 01:06:57 · answer #5 · answered by janmarbol 3 · 0⤊ 0⤋
Plenty of good advice here.
2006-08-08 16:24:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋