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6 Responses to “Anyone have any suggestions for debt consolidation?”

1. Judy Says:
   December 31st, 2009 at 9:34 pm

   Whatever you do, do not go through a debt NEGOTIATION company.
   You pay them huge fees, they do nothing, and you end up in court anyway.
   Always google the name of the company you are about to deal with followed by the word scam, rip-off, or complaints.
   Make sure the company has been around for more than a year.
   There is a great book at the bookstores called
   Credit Repair for Dummies – it has a chapter on this.
   /
   References :

2. Jenny Pooh Says:
   December 31st, 2009 at 9:43 pm

   There are fees and it will ruin your credit score. It is best to just both pick up extra jobs – even if it means you become short on sleep – etc.

   It is also a good idea to call your credit card providers and inform them that you can no longer afford the payments they require and that you will go bankrupt if they continue to be so high. Try and negotiate a lower rate with them which will lower the interest rates.

   Another suggestion is to open a credit card that offers a low rate. Such as the Capital One mastercard that does 4.5% per annum. Some credit cards allow balance transfers from other cards at a rate of 0.9% for the first year. This might also be another route to take. However – the card that is paid off by doing this must be cut up and discarded immediately. AND you must not spend any further money on this card and begin to start paying it off.

   You should never charge a credit card unless you have funds elsewhere available to pay it off.
   References :

3. SUSAN M Says:
   December 31st, 2009 at 10:02 pm

   Call the credit card companies and ask for lower interest rate on cards. IF your in the trouble you lead me to believe your interest rates are like 23%. If you can get them to lower it to say 9% keep making the payments and you will pay off some of the balance. DO NOT PUT ANYTHING ELSE ON CREDIT CARDS!!!!! If you have cable or sattelite dish, watch the CNBC shows about money managment like Suze Orman and On the money. They have some good tips for helping you out. But whatever you do dont go to a consolidation company or refinance it into your home if you own one. You will be paying for the next 30 yrs on the debt. I am like the other poster, get rid of unnecessary expenses like cable and high speed internet., go dial up and save money, pack lunches and dont eat out all time, cancel your local newspaper, type things. Good Luck.
   References :

4. majin423 Says:
   December 31st, 2009 at 10:35 pm

   Myth: Debt consolidation saves interest, and you have one smaller payment.
   Truth: Debt consolidation is dangerous because you treat only the symptom.

   Debt CONsolidation is nothing more than a "con" because you think you’ve done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can’t borrow your way out of debt. You can’t get out of a hole by digging out the bottom. True debt help is not quick or easy.

   I will not recommend debt consolidation for a client. Why? Because debt consolidation doesn’t work.

   Debt Consolidation Statistics
   A friend of mine works for a debt consolidation firm whose internal statistics estimate that 78% of the time, after someone consolidates his credit card debt, the debt grows back. Why? He still doesn’t have a game plan to either pay cash or not buy at all. He also hasn’t saved for "unexpected events" which will also become debt.

   Debt consolidation seems appealing because there is a lower interest rate on some of the debt and a lower payment. However, in almost every case we review, we find that the lower payment exists not because the rate is actually lower but because the term is extended. If you stay in debt longer, you get a lower payment, BUT if you stay in debt longer, you pay the lender more, which is why they are in the debt consolidation business.

   Debt Consolidation Example
   For example, let’s say you have $30,000 in unsecured debt. iA Master Card for $10,000 at 12%, and a Visa for $20,000 at 10%. Your monthly payment on the $10,000 card is $517 and $583 on the $20,000 visa, for a total payment of $1,100 per month. The debt consolidation company tells you they have been able to lower your payment to $640 per month and your interest rate to 9% by negotiating with your creditors and rolling the loans together into one. Sounds great, doesn’t it? Who wouldn’t want to pay $460 less per month in payments?

   But they don’t tell you that it will now take you 6 years to pay off the loan. This may not sound that bad to you at first unless you realize how much more you will actually pay in additional payments. You will now pay $46,080 to pay off the new loan vs. $40,392 for the original cards, even with the lower interest rate of 9%. This means you paid $5,688 more for the "lower payment". Not such a good deal after all. This example shows you why they are in the business – because they make money off of you.

   The Real Way to Get Out of Debt
   The answer is not the interest rate; the answer is get out of debt by changing your habits. You need to commit to getting on a written game plan and sticking to it. Get an extra job and start paying off the debt. Live on less than you make.
   References :
   http://www.daveramsey.com/the_truth_about/debt_consolidation_3035.html.cfm

5. jameshutchinson1@rocketmail.com Says:
   December 31st, 2009 at 11:03 pm

   contact e_loan@rocketmail.com they are affiliates of wisconsin business finance development there website is wbd.org
   References :

6. Happiness Lies Within Us Says:
   December 31st, 2009 at 11:19 pm

   Try http://personal-financial-help.solutionsarticles.com?aba they aren’t that bad (7% for me) and definitely quick.
   The Idea is to find a loan at less interests than you pay now, and fixed interests.
   Credit cards can have high interests so it shouldn’t be difficult to beat them, depending on your credit score.
   Whoever you go with, you should always check if they belong to the American Bankers Association at http://buyersguide.aba.com or at least the https://www.bbb.org
   References :
   more at
   http://www.google.com
   http://www.yahoo.com
   http://www.ask.com

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