I would like to consolidate my bills.
2007-10-04 15:58:38 · 7 answers · asked by Cristine B 1 in Business & Finance ➔ Personal Finance
I heard this guy last week on the Radio he said Consolidation loans are Con loans? He explained that you're justing moving the debt around and not really addressing the problem of how you got all the debt in the first place. He explained, most people will consolidate loans, and then find themselves in the same situation 12 ot 18 months later? You might want to consider some other solution to your problem? God, that guy sounded smart, but I never got his name off the Radio, Oh well!
2007-10-08 15:51:01 · answer #1 · answered by logicboy 3 · 0⤊ 0⤋
You can try with any reputable lender, but if you are looking for unsecured to consolidate, you will need a very good credit score (above 720 or so most likely) and a low debt to income ration, along with solid work history and stable residence history - both of which may need to be proven. Try your local bank first, the one you have a relationship with already. If they will not approve you now, they may be able to advise you what to do to get approved and when you can apply again.
2007-10-04 23:03:41 · answer #2 · answered by ArLorax 4 · 0⤊ 0⤋
Agree with Michele. Debt consolidation often gives more benefits to lenders unless you are transferring them to a lower-rate home equity loan. Try to pay off the one with the lowest balance first. Eliminate them one by one.
2007-10-04 23:58:33 · answer #3 · answered by momotaro zamurai 3 · 0⤊ 0⤋
what is your asset? if is high value, you should ask for a personal credit (also high credit score) and a safe secure job (steady monthly income.)
if not.... use your current creditors and tell them that you are going to default if they do not lower their % rate. then pay the highest rate charges first (2 to 3 x of the others) and payoff the lowest amounts as well so that you do not own to too many creditors. This will aslo effect your score. Then, after a year, you can renegociate and you may get a credit card company with zero % interest that can give you $5000 to $50,000 credit... But do not default for them as it can cost you alot more...
Do this as well:
You should save 3 months of your household income as our recommendation. But to get to this point you need to payoff all high interest rate credits first. Then save as much as you can to payoff all bills with higher interest than what you collect from your CD's. Your only main interest should be on a homeowner mortgages that are tax deductible (not all are!!!)
The fact is you need insurance against all your unforeseen accidental expenses or we call it self insurance... We have many other ways to correctly setup your income vs. expenses and justify savings...
2007-10-08 22:54:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You're better off just making payment plans with the lending companies you have now. Consolidating your bills doesn't necessarily help your credit.
2007-10-04 23:06:28 · answer #5 · answered by ♥michele♥ 7 · 0⤊ 0⤋
Here is a good option for you to check out. This company has plenty of free information for you as a borrower. This company has been featured on national TV news casts (not infomercials) and published in several magazines such as Newsweek. This company is where people lend money to other people. The maximum you can borrow is 25k and you have to pay it off in 3 years. Good Luck
http://www.prosper.com/join/heyhobbs
2007-10-06 13:26:21 · answer #6 · answered by Gary 5 · 0⤊ 0⤋
Unsecured $25 K ?
A very wealthy relative who really , really likes you .
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2007-10-04 23:01:51 · answer #7 · answered by kate 7 · 2⤊ 1⤋