I have about 30K in credit card debt and I have good credit. My payments are about $800.00 a month and I want to eliminate my debt fast. Should I consolidate my credit card debt, or will that ruin my credit? I appreciate your help.
2006-09-16 10:02:40 · 7 answers · asked by RQR 1 in Business & Finance ➔ Personal Finance
There are actually more lawful and moral ways to zero-out thousands of dollars in credit card debts. And if you only take the time to research and know your rights and how bankruptcy laws have changed, you will discover that there are valuable facts to eliminate credit card debt. Actually, the possibility of reducing or eliminating the high interest credit card debt is now more possible when a person takes action to get his or her finances back on track.
Apart from knowing your weapon in terminating credit card debt, it is very important that you develop a sense of control and perseverance first. Since credit card debt elimination process requires organization, clarity, and commitment to your own growth, it is a must that you are ready for the responsibility and to stand free and independent. In other words, stop spending and start researching.
2006-09-17 11:12:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Consolidating your debt doesn't affect your credit rating and is a good way to get rid of the debt, HOWEVER, you have to stop spending or else you'll be in twice the trouble.
Including it in a refinance is a good idea. Here is a website that recommends negotiating your pay out before consolidating, reducing the amount consolidatd by 50% or so, but these settlements do affect your credit rating.
http://www.brownandbrownpls.com/
2006-09-16 17:11:03 · answer #2 · answered by Genie♥Angel 5 · 0⤊ 1⤋
If you own* a home, refinance or take a home equity loan and pay the credit card debt off, then cancel most of your cards and pay as you go with the one or two you do keep. Paying off credit never hurts your rating, and reducing the number of credit lines you have open will help your credit.
Credit card interest is much higher than a home loan and it isn't tax deductible like a mortgage or home equity loan.
* If you don't own a home and you're renting, now is a great time to buy if you can because it's a buyer's market. You can get something with somewhat higher monthly payments and still end up with more after tax money because of the tax deductions.
2006-09-16 17:13:24 · answer #3 · answered by nospamcwt 5 · 0⤊ 0⤋
No Debt CON-solidation treats the symptoms not the causes. Debt CON-solidation is equal to bankruptcy with out legal safeties. You will be considered bankrupt by most mortgages FHA/VA/HUD for 7 years.
Visit DaveRamsey.com to learn what the banks don't want you to know. Eliminate debt fast? turn off the TV etc.
Get 2 more part time jobs and pay off the bills THEN cut up your slavery credit cards.
Visit DaveRamsey.com
2006-09-16 17:14:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes.
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
2006-09-17 08:12:39 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I would take a serious look at my spending habits and cut costs where ever possable. This will allow you to possably make a few extra payments on your debt. Consult a C.P.A if you are serious about this. They can be a big help without debt reorganization.
2006-09-16 17:13:14 · answer #6 · answered by S.A.M. Gunner 7212 6 · 0⤊ 0⤋
www.faithfullfamilyfinances.com
2006-09-16 17:04:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋