Believe or not-- I am in debt about $30,000 credit card only- and finally divorced the guy who helped raked up the bills. I consolidated today the three cards for a interst rate of 13 fixed to keep my monthly payments below $600 total. Was that smart or not? Before that I paid $700/month and wiithout using the cards ever, my balances only went down--about$200 toal a month. The bak I went with told me I will be debt free in 6 years, before that I estimated debt free in 15 years.
2007-03-14 06:19:14 · 6 answers · asked by kktmot 1 in Business & Finance ➔ Credit
Sounds like you did good - lower interest rate, set terms, and you have $100 extra every month. Just be sure to cut up the c/c cards or use them wisely.
2007-03-14 07:10:22 · answer #1 · answered by reandsmom77 6 · 0⤊ 0⤋
well, if you got a lower rate that is good, i hope you cut up the cards and dont get another. If you actually plan on paying the whole amount, which i worship you for being honest and responsible, you would probably be better off keeping up the $700 payments, or increasing it if you can. I dont know if you did it already, but if some of that debt was interest and fees, the credit card companies would probably waive it, or a good part of it just to make sure that you dont default and keep paying the principal back.
2007-03-14 06:32:09 · answer #2 · answered by tomhale138 6 · 0⤊ 0⤋
"Going for online debt consolidation is a good option, you need to take into account the fee charged by the debt consolidation companies.
When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress."
2007-03-16 01:28:01 · answer #3 · answered by stone m 2 · 0⤊ 0⤋
Let me tell you the best way to get out of debt within 36 months
Join a debt settlement company who will negotiate with your creditors on your behalf and bring down your principal debt by around 30% to 70%. You can make affordable monthly payments and as i mentioned earlier you can be out of debt with in 36 months period.
There are no upfront fees and hidden costs associated with the monthly payment options.
Check out this debt settlement company who has helped me out with this debt situation.
http://www.debtfreeafterall.com
Good Luck
2007-03-14 08:16:47 · answer #4 · answered by Hima K 2 · 0⤊ 0⤋
You did well, I worked in collections for a while (yea I hated myself too), and the problem people encountered was that they would rack up the debt again and then have twice the debt. If you can avoid this trap then you will do well.
2007-03-14 06:25:08 · answer #5 · answered by Andy 3 · 0⤊ 0⤋
The key is going to be if you are able to avoid using your credit cards again. I would get rif of all of the cards if at all possible so that I wouldn't be tempted to use them again. It would be too easy to find yourself in debt another 10K without much trouble.
2007-03-15 08:16:05 · answer #6 · answered by WallyWombat 6 · 0⤊ 0⤋