I have 67,000 in credit card debt.. I am going to a consolidation/counseling place how much will my paymets?

Question

probably be a month? I make 97,000 a year but have 2 kids in college so money is tight. And how many years do you get to pay those payments off?

Answer 1

if you were to pay $400 a month and had to pay only your debt with no interest, it will take you about 13 years. So, stick the interest on top and good luck.

Answer 2

You make twice the national average in annual income. Start filling out financial aid forms for your kids......If you buckle down and live on $45K/yr you could be debt free in 2 1/2 yrs!!!!

You didn't get into debt overnight and you can't fix it overnight, but you have a nice healthly income......suck it up for two years and pay until it hurts each month and be done w/ it.

Call the credit cards and ask for reductions in interest even if for a short time....That's really all the consolidation companies do and they charge you a monthly fee for a free phone call.

Grab a cup of coffee, pen and paper, and the telephone and start calling your creditors......make a master list.....pay minimums on each except the smallest balance one and pay as much as you can and get rid of it....small successes help motivate......your debt is so deep, it doesn't really matter which card has what interest rate.

Be honest w/ your kids.......they gotta pay for their own schooling from now on.

I feel for you....good luck.....but don't bring in a third party to pay your bills w/ your own money.

Answer 3

It depends on what type of loan you use to consolidate and your credit score. If you can use a home equity loan, your interest will be lower than with an unsecured loan. You need more information to figure payments.

I used Bankrate.com's loan calculator (linked below) and ran 2 loans. I used $67,000 at 10% (picked out of the air) for both. At 5 years, the payments came to $1,423.55. For 10 years the payments were $885.41.

Answer 4

I have a buddy that used CCCS and ended up with $900 per month for 6 years. He said his pre CCCS was about 60k. Hard medicine!! I really wish that he had done a BK instead. Imagine having 65k dollars for a house after just 6 years instead of paying off the debt!!!!

REMEMBER you should ONLY use CCCS. Other companies are truly seeking to maximize their fees so that they can make money on your debt consolidation. Stick with CCCS.

Answer 5

consolidatsion involves paying fees, that money could be used to pay some of the debts and decrease interest.
Forget the consolidatsion, shift as much money as you can onto 0% cards, take out cheap loans (do you have a current acc mortgage?) to pay of the debts with the highest interest rates, pay MMR's for all but the most expensive loan, transfer any savings into your most expensive debt, sell on ebay, negotiate with creditors (be careful not to damage your rating), transfer utility providers and put your saving into the most expensive loan, buy everything on a money back credit card and pay of the balance each month using a cheaper card.
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Answer 6

I checked on doing that before. I had about 25,000 in debt..my payment was going to be about $500 month.

Answer 7

properly, it ought to be many motives. perchance they're clever and continuously word for 0% promises, and carry that mutually as paying off their loan. or perchance they're very beneficiant, supply a great number of money to church homes and persons, and from time to time would desire to acquire debt. or perchance they're disobedient or frivolous with their earnings, and spend extra suitable than they make. There ought to be a great number of motives, none of that have something to do with something.