ive got a few credit cards and a loan, at the time when i got them i had a fiull time job and found payments easy
i went back to college last year ti further my education and get better prospects. ive finished and qualified and im about to start a new job in October when the salon opens
Im finding it tough at the mo to keep up with payments as money is drying up is my answer to consolidate my debts for an easier payment
any advice
2006-09-01 15:30:13 · 12 answers · asked by lisa7777 2 in Business & Finance ➔ Credit
the loan i have is not a school loan unfortunatly
2006-09-01 15:40:49 · update #1
Online Debt Consolidation The Fast And Most Convenient Way
By: Talbert Williams
You should read and learn as much as you can then pick the best program that fits your budget. You can use this web site to learn more about credit and finance.
2006-09-01 15:37:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I would only consolidate your school loans. Make sure you get a fixed rate or its not worth it. School loans are still at an all time low. I was at 8% in 1998 and then consolidated them at 3% when they went to 3%. They are around 6% now but still worth it.
I wouldnt consolidate credit cards if they charge the standard 4% to consolidate or any transfer fees. If you can keep them separate, your credit score would be better too. Dont consolidate credit cards.
2006-09-01 15:35:49 · answer #2 · answered by circusdejojo 3 · 0⤊ 0⤋
I am glad I did some research. I was about to apply for a consolidation loan only to find out how much worse that can be. Since I got separated, my bills have been more challenging to deal with. Not to mention the lawyer fees, court fees, taxes, all become due at once. Nobody trusts anybody anymore and for that reason they try to suck you dry out of money. I always find a way to pay my bills, I guess I'll just have to suck it up, work 3 jobs until this is over. Sometimes I feel like society has reached the level of destroying the American Dream (for men).
2013-10-07 09:58:19 · answer #3 · answered by JoeG 2 · 0⤊ 0⤋
If that is an unsecured personal loan (no longer some thing is used for collateral like a house or a motor vehicle) then there are 2 diverse varieties: Revolving-like a mastercard-you get a 10,000 credit line and your funds will decision reckoning on the outstanding stability. larger stability=larger price and vice versa. benefit is that as you pay the soundness down, you are able to re-use the accessible credit. disadvantage is that there is not any set type of years until eventually the account is paid off. those are basically about continuously adjustable prices. Installment-like a motor vehicle personal loan-you're taking out the $10,000 on set words regarding activity fee, price and time period (#of years you need to pay it off). you're making an same month-to-month price each and each month until eventually the non-public loan is paid in complete. benefit: some are available in as fastened fee. you'll comprehend precisely how a lot longer you need to maintain paying on the non-public loan. disadvantage: you won't be able to re-get entry to the money. What you'll do is take the money from the recent account and use it to pay off the different small charge playing cards and actually have one new price on the recent $10,000 personal loan. issues to guage: the recent personal loan must have a decrease fee than the present ones to ascertain that it to be helpful. if it really is the case, your new month-to-month price should be decrease than the entire volume of funds you're making on your numerous expenditures. actually pay off those charge playing cards that are a larger fee than your new personal loan and then attack the expenditures with the utmost activity fee first.
2016-12-06 03:18:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Congratulations on furthering your education and new job. You are on the right track for your life.
In general it is not a good idea to turn what is supposed to be short term debt (e.g. credit cards), into long term debt. Even if the rate / payment is lower right now. Just the thought -- in debt for a looooong time.
2006-09-01 15:45:55 · answer #5 · answered by veritas 5 · 0⤊ 0⤋
YES>..
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
2006-09-01 23:32:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if you have decent credit and get credit card offers, open a new credit card that offers you a 0% interest on balance transfers. then use your credit line on this card to transfer your credit card debt all to one account (and the 0% interest will buy you a little bit of time too). definitely consolodate school loans, or else the rates on them will just keep going up up up up up.
2006-09-01 15:38:54 · answer #7 · answered by moondancer629 4 · 0⤊ 0⤋
NO!!!! Best to pay off the lowest amount first then add that amount to the next lowest each month. Keep doing this till you pay it all off. A consolidation loan put you in the situation of paying it off longer by lowering your payments but you will pay way more. Also it will encourage you to charge more. Best to suck it up and pay more attention to your fiances.
2006-09-01 15:38:24 · answer #8 · answered by rabatvilla 3 · 1⤊ 1⤋
try transfering debt to a low % card or a 0 % intro rate card for transfer balances. but do not consolidate, bad for credit.
2006-09-01 15:43:04 · answer #9 · answered by TwoRedLove 2 · 0⤊ 0⤋
if you can get a low interest rate i would go for it but the best advice i can give you is to cancel your credit cards if you do this that way you won't be tempted to use them and charge back up the cards believe me i am speaking from experience
2006-09-01 15:40:37 · answer #10 · answered by grandma43 2 · 0⤊ 0⤋