Should I go in person or due it over the phone? I've heard some companies are scams and other's are more devious to your credit score. Also, how bad does it effect your credit? How many years does it stay on? Ok, thanks guys!
2006-12-10 05:11:45 · 3 answers · asked by Professor Bradley 3 in Business & Finance ➔ Personal Finance
Unfortunately the big problem I face is with B of A credit cards which are charging over 30% plus are also charging penalties for everything. I'm having many issues with just them. I want to try to avoid it but just in one month they gave me over $300 in penalties. I'm very lost as to what to do.
2006-12-10 05:43:52 · update #1
Contact each credit card company that you owe now.
Ask them to work with you.
Ask each for the lowest credit rate, and ask for the lowest payment. Ask each to work with you as you are trying to consolidate your debt. Some may immediately offer you a debt consolidation loan.
After you get all of your payments lowered (and you can do this by talking to enough supervisors), then check with your local bank or credit union where you have your checking account. Ask them to help look at your bills and see if it's in your best interest to obtain a debt consolidation loan from them directly.
Don't be so fast to get a debt consolidation loan as they may have terms and conditions that you are not ready to meet. They also could have tons of interest and closing charges.
Smile every time you pass a mirror as you are taking back control of your life!
Now, try to use your credit cards only for your needs. Try to save cash and then use that cash for the "unnecessary items.
You will feel much better as you get out of the debt drain, and Christmas is a hard time to do this.
GOD bless.
MBA - Boston Univ.
2006-12-10 05:19:24 · answer #1 · answered by May I help You? 6 · 0⤊ 0⤋
Myth: Debt is a tool and should be used to help create prosperity.
Truth: Debt is not a tool; it is a method to make banks wealthy, not you.
Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you're in debt then you're a slave, in the sense that you do not have the freedom to use your money to help change your family tree. According to a recent USA Today article about debt, 78 percent of baby boomers have mortgage debt, 59 percent have credit card debt, 56 percent have car payments.
It takes a lot of will, discipline, courage and help to slay the debt monster. But it can be done. Imagine how much you could put toward retirement if you just didn't have a stinking car payment? This is how the wealthy build their wealth.
2006-12-10 13:33:20 · answer #2 · answered by Ryan 2 · 0⤊ 1⤋
The best answer for you will depend on your circumstances. In your situation it will pay to do your own research and explore each option carefully.
Here is a website that has lots of information and advice. Take your time, get some quotes, ask some questions and always read the small print.
Good luck!
2006-12-12 18:59:51 · answer #3 · answered by Anonymous · 0⤊ 1⤋