I want to consoladate my debt.Im not late on payments at all have a repo and dont wanna get bad credit for consolidating.
2007-08-23 22:46:12 · 6 answers · asked by Bring it 1 in Business & Finance ➔ Personal Finance
Consolidating your debt shouldn't have a negative effect on your credit. Is that what you are asking?
2007-08-24 00:29:50 · answer #1 · answered by tlk0408 4 · 0⤊ 0⤋
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
2007-08-24 12:49:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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.
2007-08-24 09:09:06 · answer #3 · answered by Pitty T 2 · 0⤊ 0⤋
Don't consolidate, ELIMINATE. Consolidating without changing you behavior to stop spending more than you earn only creates a new debt. Spending less than you earn and paying of debt solves the problem. Debt is ALWAYS a symptom of spending more then you earn.
2007-08-24 07:47:00 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
2007-08-27 12:00:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
why borrow money to pay debt -- bad ideal -- just downsize you life and get those bills paid off and live a better life!!!
2007-08-27 18:53:28 · answer #6 · answered by mister ed 7 · 0⤊ 0⤋