I have $7000 in debt right now with 3 creditors only. One is a loan, a credit card and furniture. Can anyone help me with a company that might could get me a lower monthly payment between the 3 of them and a lower interest rate. My credit score is in Good standings. If I shouldn't worry about it please also tell me that to. Help Please!!!!!
2007-02-20 00:34:38 · 8 answers · asked by Cutie Pie 2 in Business & Finance ➔ Credit
On the surface, it sounds like you are in pretty good financial standing and you want to eliminate unnecessary debt. Getting one payment is sure more convenient than 3, but if that is your main concern, it does not justify consolidating the accounts.
Instead, you may wish to try setting up an online bill payment service. These are free through several banks.
If you can make higher than minimum payments, then you can negotiate lower interest rates on the accounts yourself without outside help.
2007-02-20 01:36:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'll assume here that you are trying to reduce the amount you are paying out monthly to the three creditors.
One of the first things you may want to do is try to negotiate a lower interest rate on the credit card. Call them and see if you can get a lower rate.
Since you already have a loan with someone, call that loan company and ask if you can refinance your loan and include the other two. Also, make sure you negotiate the lowest interest rate that you can.
I'm assuming that the furniture contract is probably at a really high interest rate like 23%. Most of them are. You need to get that balance paid off or moved to a lower interest rate loan or credit card. People don't realize when they fall for those ads of no money down and no payments for 6 months that they are usually paying a high rate of interest and they are being charged interest the entire 6 months that they're not making payments.
Once you do get this consolidated, pay MORE than the monthly minimum towards the overall payment. And don't charge anything on that credit card that you can't afford to pay off within a month or two.
2007-02-20 08:47:01 · answer #2 · answered by Faye H 6 · 1⤊ 0⤋
First off what is the interest rate and payments on the three loans. If you have another credit card you could call them ask for their best fixed rate cash advance. Then tell them you got a better rate from another company and they will match it. Then you could combine them all into one loan on your one card. Otherwise pay off the highest interest rate first and make min payments on the other two.
2007-02-20 08:42:47 · answer #3 · answered by toddrws 1 · 0⤊ 0⤋
I would recommend Consumer Credit Counseling Service of Ventura County, California. They got my monthly payments lowered by about 40%, they only charged $10.00 a month for their services, and they worked with the credit reporting agencies to repair my credit rating after I finished paying everyone off. STAY AWAY FROM CONSOLIDATED CREDIT COUNSELING SERVICES. A friend of mine went with them and they screwed him over so badly that all his creditors demanded payment in full immediately and it took him over a year to fix the mess they caused because of their negligence.
2007-02-20 08:45:54 · answer #4 · answered by sarge927 7 · 1⤊ 0⤋
Try www.prosper.com, it's like ebay for loans. I loan out on it, and if your credit is in good standing you should get a very good interest rate. Check it out, I highly recommend it. You can see the interest rate people get. You can take a loan of upto 25k and all loans are 3 years.
2007-02-20 10:27:00 · answer #5 · answered by snfcricket 3 · 0⤊ 0⤋
I used CCCS but I wished I had done it myself and saved the monthly fee that they charged. If you want to learn more visit http://www.thecreditrepairmanual.com
2007-02-20 08:41:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Try the below company
2007-02-20 16:55:51 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Here you go
2007-02-20 08:40:31 · answer #8 · answered by Monte T 6 · 0⤊ 0⤋