I have about 8,000$ in debts I was wanting to try and consolidate. What is a good company to try and do this through? I am lost in the financial world, and thought i have a new good paying job, I have fallen a couple months behind, and it would be best to see if I could consolidate. Please help me!!!!!
2006-08-13 13:35:40 · 9 answers · asked by lashes 2 in Business & Finance ➔ Credit
Don't go through those consolidation companies that say that they will get you out of debt and all of that because my ex did that and found out that it is actually worse than filing bankruptcy! My suggestion would be to get a personal loan through your bank to consolidate them! Because you don't want your credit to be worse than if you filed bankruptcy.
It's not worth it to file bankruptcy over $8,000 because it will hit your credit for like 10 years! If I were you I would just get a personal loan and pay all of the other debt off! I would file bankruptcy if you were $15,000 or more in debt.
2006-08-13 13:42:43 · answer #1 · answered by Anonymous · 0⤊ 1⤋
this is a tough question. Without good credit which "falling behind" quickly takes you out of that range. My best advice, from expereince and I do not know how much you make but... There arent many good sources that I have found for consolodation unless you have a house and can get a home equity. If your credit is only slightly bruiesed you can play the game of lower interest cards or even 0% but they are usually short term and charge upwards of $75 per transfer. if its credit card debt you have I would perhaps try and borrow from family if you can and get rid of the cards. Be very carful of finance companies. Read the fine print and if you need help understanding the fine print you have to figure its not in your favor. Miss a payment by even a day and I have seen APR's as high as 35%. The surefire way to get out of debt and stay out of debt is to live below your means and save. I know this is difficult and am still not there myself. I guess my answer is to try not to add to this debt by consolodating, and then running up the paid off charges. Sorry I couldnt give you better advice or a company to recommend. good luck!
2006-08-13 13:55:34 · answer #2 · answered by kamtheanswerman 1 · 0⤊ 0⤋
A consolidation loan through a bank if you have collateral is the best option.
If you can't go that route, I recommend CCC (Consumer Credit Counselor) It's a non profit group that has been around more than 20 years. They not only can help you consolidate your bills, if needed, but they can teach you how to not get in that spot again, and help you get your credit score up. Good Luck. Former employee of the Consumer Credit Industry.
2006-08-16 08:35:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hi, these articles might help you:
Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581
2006-08-15 06:53:29 · answer #4 · answered by curtain r 2 · 0⤊ 0⤋
If you decide to work with a company to help you consolidate debt, make sure they are reputable. They should have a satisfactory rating with the Better Business Bureau.
They should also be willing to talk with you for free. The counselor should be able to discuss a number of options, including some you might be able to do on your own.
This directory of local agencies could help you find someone you can speak with. Good luck!
2006-08-14 02:37:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If all you have in debts is $8000, your best bet is to get a loan through a bank. Do not go through a "debt management program". Since these kind of programs are unregulated, it is hard to tell if you are working with a legitimate company. Also, when you work with these kind of companies, your creditors have the right to put a mark on yor credit report that you are using a debt management company, and it counts against your credit score.
2006-08-13 13:49:48 · answer #6 · answered by what the heck? 3 · 0⤊ 0⤋
Go to a non profit consumer counseling service. If they can't help you, try to get a personal loan from a bank. If that fails, file bankruptcy. You're behind the eight ball and will never get out. Bankruptcy is the only way.
2006-08-13 13:46:46 · answer #7 · answered by Superstar 5 · 0⤊ 0⤋
Here are some strategies to reduce your debt:
Strategies to Reduce Debt Quickly
http://www.complete-debt-info.com/category/Strategies-to-Reduce-Debt-Quickly.html
Online Debt Consolidation
http://www.complete-debt-info.com/category/Online-Debt-Consolidation.html
2006-08-14 00:57:15 · answer #8 · answered by hen d 2 · 0⤊ 0⤋
Don't do it. It will just cost more money and accomplish little. Get help learning to live with a budget, make a budget and stick with it.
2006-08-13 13:40:59 · answer #9 · answered by thylawyer 7 · 0⤊ 1⤋