consolidation but charges a $40 fee. They also do credit counseling (which I don't need.) I just need to lower my monthly payments because of high interest. I don't want a service like credit conseling to effect my credit score. Any response would be appreciated.
2007-10-22 12:46:34 · 3 answers · asked by Professor Bradley 3 in Business & Finance ➔ Credit
I definately don't need any credit counseling as much of my debt was accrued through phenomenal interest.
I just want to have one payment a month with the lowest possible interest.
2007-10-23 11:00:16 · update #1
Som debt consolidation/credit repair companies charge you fees and then trash your credit. The get your creditors to settle for less by not paying them till you're a couple months behind then threatening bankruptcy.
Check with Consumer Credit Counseling Services (CCCS): http://www.nfcc.org/ . They offer free counseling and can look at your finances and advise you how to proceed.
If you are just looking to take out a loan to pay off you debt, it's just shifting your debt. You end up paying more interest over the longer term. Many people end up running the credit cards right back up so you are even deeper in debt.
If you really work at it you can pay off all that debt. Make a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes,etc. Put every penny you can squeeze out of that budget on the highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid, move to the next till they are all paid.
You can pay it all off in 2 or 3 years. Even faster if you get a second job and throw that at the debt.
2007-10-22 13:30:19 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
previously determining to choose for mastercard debt consolidation, first discover out in spite of the fact that if that's stable for you. start up via totaling all of the balances on credit enjoying cards and keep enjoying cards and the APR charged on those balances. verify to contain the different costs and rates ideal to the stability or maybe those levied if the stability is nil. this permit you to get a top level view of all your bills on one sheet, to permit you study them at a glance. this suggestion grants you a image of the cost of each debt in terms of pastimes and rates and could provide help to in comparing it against the consolidation mortgage costs which you will would desire to get in a protracted time to proceed the assessment technique further. Asking mortgage costs From distinctive lenders start up with ...
2016-11-09 05:44:46 · answer #2 · answered by colbert 4 · 0⤊ 0⤋
http://www.americanfinancialservice.org/debt/consolidation.html?OVRAW=Debt%20consolidation&OVKEY=debt%20consolidation&OVMTC=standard&OVADID=16829788011&OVKWID=27467798011
You see this site has ORG in it so it is not for profit and it is free - so why mess with a $40 fee. Consolidation puts it all under one loan - most likely secured by your assets. Counseling will train you to make better decisions with your spending so it doesn't happen again.
2007-10-22 12:58:46 · answer #3 · answered by justwondering 6 · 0⤊ 0⤋