Debt Help!!!!!!! Please answer this?

Question

is there a place where I can put all my credit cards, car loan, and personal loan in one and play a lower intrest rate and maybe lower my monthy bill? Please help I am up a creek with a paddle

Answer 1

Maybe hearing it more than once will help. You have a behavior problem. You spend more than you make.

If you're really serious about this, then you'll realize that you need to change your behavior, not consolidate your debt. Not to sound sanctimonious, did you buy a car beyond your means, buy things on credit cards that you could not pay off the following months? Of course, it could be that life has thrown you a few curves as well, job situation and health problems.

Whatever the issues, you need to have a budget and you need to figure out where your money is going. Go down to the library and check out some financial books. There are several websites which provide help online as well. Dave Ramsey has a radio show which caters to people trying to get out of debt as well (he's a Christian broadcaster so some may find him not to their liking but he does provide very sound advice, especially to those trying to change their lives and life styles).

Best of luck to you, this situation is fixable but it starts with the person you see in the mirror every morning.

Answer 2

Two of the answer above are correct. You don't need to consolidate, you just need to change your behavior. Cut up all but one of the credit cards, and keep that one locked away only an emergency. Start paying them off, the highest rate first, or if one has a fairly small balance maybe you can get that one out of the way. The key is to stop adding debt to what you have already. Get a second job and apply all the money to your debts. Stop spending on pizzas, eating out, shopping for things you don't NEED, cancel magazines, cancel premium cable stations, get rid of the dog, get rid of EVERYTHING that isn't essential. You do this, and you will be fine. Most aren't willing.

Answer 3

Debt consolidation isn't the answer. You are unlikely to get a lower interest rate and it's just shifting your debt around.

First, stop charging on the credit cards. Second make a strict budget. Eliminate all the extras -- cell phone, premium cable and internet, eating out, new clothes, etc. Take every penny you can squeeze out of that budget and put it on the highest interest rate debt, while paying minimum on the rest. When the highest interest rate debt is paid off, go to the next one till they are all paid off.

You can do this and within 2 or 3 years all your debts will be paid off.

Also, think of ways to increase your income -- second job, yard sale, collect aluminum cans.

Answer 4

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html

Answer 5

First, take a deep breath and calm down. When you are panicked, it can only make things worse. You can consolidate your debt into one low monthly payment. One website you can use is
http://www.moneymanagement.org/FinancialFreedom/consolidation.asp?RCTAG=LDCON&CMP=KNC-gaw&src=MMIPD_google

Also talk to your local bank for possible suggestions. They are most likely able to help you.

Answer 6

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