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scenerio: $17000.00 in debt.. using a consolator... not seeing a difference in balance goign down. Own a morgage. Just got a approved for a $13000.00 loan to consolodate. Should I call each creditor and find out if they can lower my balance if I pay off a large chunk of the balance? Hmmm any info?

2007-04-29 08:36:01 · 5 answers · asked by Bobby T 2 in Business & Finance Credit

5 answers

I can tell you from experience that unless you are WAY behind in your payments the creditors won't help you in any way. They don't want you paying off large portions of your balance. They like those large interest payments every month.

I commend you for trying to do the responsible thing in paying off your debts, but you will find out that you are exactly the person who gets screwed the most in this system. The rich don't have/can pay their debts off. The poor blow them off, but guys like you will get milked with high interest/late fees, etc for years.

My advice: pay down as best you can and silently curse any and all creditors and don't borrow from them ever again..

2007-04-29 08:43:39 · answer #1 · answered by jgain 3 · 0 0

Start by dumping the consolidator. Just using the fees they are charging to pay toward the debts would be more help than they are.
Next, get on a budget or review your current budget. If you are spending to much for your income, nothing will get you out of debt.
Third, unless you are seriously delinquent AND don't have enough income to pay, A lump sum settlement is unlikely to be accepted. If you stay current for a few months, you may be able to negotiate reduced interest and penalties, but reducing the principle is not likely.

2007-04-29 19:45:51 · answer #2 · answered by STEVEN F 7 · 0 0

a few points you shoud know about.... if you always pay 3% of balance everymonth you will be albet to pay off you credit cards

second try going to prosper.com

third quit spending,

I agree credit card compaines wont do anything for you unless are you way behind ,

2007-04-29 16:29:33 · answer #3 · answered by Dave 3 · 0 0

Stop spending

2007-04-29 15:40:45 · answer #4 · answered by Anonymous · 0 0

hey , me too

I figure if there is enough for beer, after the payments, then ok, no worries

2007-04-29 15:40:21 · answer #5 · answered by Anonymous · 0 1

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