THE DEBT ADVISER: Q: I am a 22-year-old single parent who is seriously in debt ... Rapid City Journal

25.12.11

Q: I am a 22-year-old single parent who is seriously in debt and needs help.

In March, I did a consolidation loan because I could not afford paying my creditors while I was on maternity leave. I used the credit I had because I was broke. I couldn't provide for my baby, and I couldn't watch my baby suffer. I have stopped paying the consolidation loan now because I cannot afford it. I have other responsibilities, as well. I don't know what to do. I have even stopped answering my phone because I am scared. The anxiety has started taking its toll on my health. What can I do?

A: It's time to stop making excuses and begin taking charge of your life and of your baby's. If being a single parent isn't the road you willingly chose, it is still the road you have to travel. This means you have fewer options, incur more expenses and must do everything you can to avoid setbacks, as it will be especially hard for you to recover. But don't despair. You can do it, and I can help.

Source:

The Best Debt Consolidation Loan

best-loans-secured.net For the very best consolidation debt loan information. Debt Managment, Debt Consolidation Loan Rates, Unsecured Loan Rates ...

How do i pay off my debt?

Jun 22, 2007 by boobookittyfuck | Posted in Credit

I have about 3000 in credit card debt (very high interest rates!) , and 8000 in car payments. What can i do? I hear loan consildation thrown around but i dont understand that. What are other suggestions.

consolidate with a used auto loan. if you have more than 20% equity on your car (example, car is valued at $15K, you owe $8K, your equity is $7K) then refinance your car for $12K used auto loan through your bank. $8K will pay your car with your other lender, payoff your $3K credit card debt, & save the $1K for emergency. then live off your income. don't use credit cards until after you learn how to budget your spending.

hi91977 | Jun 22, 2007

get 2 jobs, or like theres those programs on TV that can help you and stop the creditor calls or w/e
AFI07 | Jun 22, 2007

Find a RICH spouse.
dream492003 | Jun 22, 2007

Debt consolidation is rarely the answer. Throw everything you can at the smallest bill first-get rid of that one and move to the next one. Pretty basic I know but it works. Good luck with this.
beauregard2640 | Jun 22, 2007

First, stop using credit cards. Second, see if you can do a balance transfer to a lower rate card. Third, budget yourself to a set payment every month on the card that pays it off in a couple years, based on what you can afford.
sclass_benz | Jun 22, 2007

Get a debt consolidation loan from your bank. They will easily deposit funds into your checking account once you are approved and you can pay whatver you want back according to the loan payment. They have all types of loans for estimated time frames of payments.
margaretfong2 | Jun 22, 2007

consolidation is when you put all debts an a card with lower interest rate. stop going out to eat, cancel cable- whatever you have or are doing that is not absolutly not necessary cut it out and work your butt off paying your bills off not just the minimum payments either that will take FOREVER. pay off credit card first then put what you were paying toward that toward car and then pay it off. oh and stop charging stuff if you don't have cash in your hand to pay for it you don't need. (though i understand emergencies happen) good luck with that- you can do it!
carly sue | Jun 22, 2007

Try Consumer Credit Counseling Services I used them several years ago and they worked with my lenders to lower both my monthly payments and my interest rate. I was debt free in 36-months. And unlike some of the others they are non-profit and do not charge you a fee.
spifiman1 | Jun 22, 2007

first you need to do a written budget. I know nobody wants to do it but it will seem like you have got a raise. When you see where your money is going heips to find money to pay off the debt. I know. I started a budget 6months ago and next month i will pay off credit card debts of close to 20k.

check out daveramsey.com and listen to his radio show or find a station near you to listen to. He has lots of GOOD advice on money and debt.

Be debt free.
heybulldog | Jun 22, 2007

The best way to consolidate debt, if you own a home, is to refinance and take some of the equity out of the home to payoff the debt. This usually gives you a much better interest rate and/or payment than a credit line or a personal loan. Consolidation is where you take a number of your debts, and pay them off using the loan proceeds of one loan. This should lower your total aggregate monthly payments, decrease your debt-to-income ratio, and increase your disposable income. However, consolidation doesn't always mean a lower rate. It could mean a much longer term at a higher rate, yet still achieving a lesser monthly payment. Be careful what you consolidate, particularly if it means closing aged/seasoned tradelines on your credit report. A longer account history has a more positive reflection on your credit score than a short/new account history.

Lewis Stretch
Senior Loan Analyst
Empire Mortgage Services
(240)481-3453
lewis@empiremortgage.com
Lewis S | Jun 22, 2007

Personal Debt Consolidation Loan

With one out of every hundred suffering from debt related problems, sooner or later you too may face the same problems. So it’s better to understand the problem before hand and then take subsequent steps to eliminate it. Debts occur when you have failed to repay previous loans due to some problems or any other reasons. The solution to problem lies in availing personal debt consolidation loan which helps to eliminate debt related problems.

Personal debt consolidation is viable option when it comes to eliminate all debt related problems. Under this loan scheme, all your outstanding debts are merged in to a single manageable amount and paying them with the help of the borrowed amount. This loan can be sourced from one of your multiple creditors or from a new one. By availing the loan at low interest rate, you are able to save considerable amount of money on interest rates. All your debt related problems are solved and you are required to pay a single monthly payment instead of multiple payments. This also helps in reducing the monthly outflow of cash from your pocket.

Source: Finance and Loan

debt consildation loans - News


Think Debt Relief Expands Its Consumer Services With Attorney ...
MSNBC - Jan 14, 2009
The mortgage loan modification program from Think Debt Relief offers homeowners in a variety of situations -- from those who are facing foreclosure to those

Pandit Dismantles Weill Empire to Salvage Citigroup
Bloomberg - Jan 14, 2009
Pandit Dismantles Weill Empire to Salvage Citigroup BBC News CitiFinancial, a global network of 3799 branches that offers car loans, home-equity lines and personal “debt- consolidation” loans to repay credit cards and Video: Money Minute: Citigroup, Cessna, Oil Morgan Stanley buys controlling interest in Smith Barney Comment by Christopher Whalen Managing Director, Institutional Risk Analytics

ProMOS Struggling Before Overseas Bonds' Put Date
CNNMoney.com - Jan 15, 2009
Some of ProMOS' major creditor banks said they have already agreed to roll over its slightly more than NT$56.5 billion ( US$1.7 billion ) worth of loans by

VSB Bancorp, Inc. Fourth Quarter 2008 and Full Year 2008 Results ...
MSNBC - Jan 14, 2009
This compares to a decrease in interest income on loans of $21433 and a decrease in interest income from other interest earning assets of $172909,

Consolidation loan Information - Meadow Free Press
Meadow Free Press, ID - Jan 06, 2009
Consolidation loan Information You can get a debt consolidation loan irrespective of the type of outstanding loans - secured or unsecured. When you take a debt consolidation loan, DEBT CONSOLIDATION LOANS: PROVIDES YOU ALL INFORMATION ABOUT YOUR Is Debt Consolidation The Magic Bullet? Science news straight from the source

Digg it Stumble it Add to del.icio.us

Subscribe via RSS

Sponsors

Friends

flickr

Related Sites

Sponsors