Personal Loan Costs For Debt Consolidation–Handling Current Interest Rates On ... Red, White, and Blue Press
Consumers are still considering options for debt consolidation in a variety of cases as some are simply looking for a way to group multiple obligations into one place and begin repaying these debts while others face high costs in relation to the total amount of debt payments and they must make each month and feel that a consolidation loan will help lower these costs so that missed payments for financial distress may be avoided. However, when it comes to handling current rates that are available on personal loans that can be used for consolidation, consumers must be sure that they are in a financial position to not only take advantage of any benefits that a consolidation loan might bring, but they also need to factor in interest rate costs as a result.
There have been areas around the country where consumers are seeing reductions in the amount of debt they owe, which could be positive in some cases since there are still numerous men and women who are out of work or facing financial problems as a result of issues like overspending, poor money management, or underemployment. While the economy needs consumers to purchase goods and services, when an individual builds debt to an extent where they cannot repay what they owe there are obviously backlashes seen for businesses and other consumers who may have to carry the weight of losses that businesses see in the form of higher prices or rates.
9. Debt Consolidation - savingandinvesting.com
Some of the principles behind consolidating your debt explained.
How do I fix credit card debt, I got good info on http://credit-debt-consolidation.blogspot.com/ , need more?
I have $10,000 in credit card debt, and found some resourceful information on the blog with some good links, and I am wondering if anyone has some more.
sure dude, here I found tons more. It'll take a month to read it all.
I've found some good information here too...
http://www.safelinked.info/jump.php?link=debt
Hope that helps.
what is the different between consolidation company and debt free company like Creditsolutions.com.?
I called creditsolutions a minute ago and they told me that they are not a consolidation company. I told them that I have a debt for 16,000. They told me that they can get my debt company to settle for 9,800. and they charge a 15% fee. Does this sounds okay. Please recommend me to some other company but not consolidation I do not want to consolidate I want a debt settlement company. That I would still pay, I heard when these consolidation company pays for me It haunts my credit score.
Please refer me to some website
Companies like that are considered along the same likes of a bankruptcy to the credit bureaus. meaning that it will affect your credit score and rating for years to come. Are they charging 15% of 16,000($2400) or 15% of 9,800($1470)? It might be beneficial to weigh other options that you have available before deciding.
Alex Myers
Synergy Mortgage Group
(877)428-3328
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.html
Meanwhile they charge you 15% of the total amount of debt as their fee. So if you are $20,000 in debt you are charged and additional $3000 for the service. They will ask you to set up a separate savings account to save for settlement offers that become available while still paying your monthly fee.
In some cases if you have a bankcard like Wells Fargo and you also have a bank account with them they will ask you to close the account because during tough negotiations WF may "freeze" your bank account and you can't get your own money.
In some cities and states creditors will sue debtors in which you will have to appear in court and a judgment may be placed against you. This also shows "bad" on your credit. Meanwhile you are still enrolled in the program and they are still charging you the fees.
If you still want to go with this service please take note that you can ask at anytime to remove a creditor that will usually lower your fee, but then you are left to handle that creditor yourself.
If you are annoyed by the harassing calls...Credit solutions cannot stop creditors from contacting you period. Although they may appear to be able to.....creditors by law have the right to contact you there is not limit on how much...just when not to b4 9a not after 9p---> unsure if these times are still correct (but you get the point).
If I were you...I would pick up a book at Barnes and Nobles
The Idiots guide to Beating Debt or Credit repair kit for Dummies...these are good basic resources. You can settle the debt yourself. and have late charges not show up if you negotiate it...I wouldn't recommend creditsolutions.com You will put yourself in more debt.
Your debt is $16,000 you pay CS $2400 to settle it. Keep in mind that the 9,800 is just an estimate there is not guarantee that they will settle for this amount could be more or less and you may be obligated to pay the full amount as part of the settlement offer. Sometimes CS can negotiate payment terms, but not always. (Ex you just started the program 2 months ago they settle for 9800 and want the payment in full..thats great if you have 10,000 laying around but if you don't then you miss the offer)
Email me if you have any questions...
debt consolidation?
Hello all, I have a question regarding debt consolidation. I have about 15k worth of debt and have tried applying to two companies for a debt consolidation loan and was denied both times. I thought about trying what one of the other posters suggested , writing to the individual companies threating a voluntary bankruptcy order. I have about 10k in the bank, but I don't want to borrow from that lender because I wouldn't be able to use the money in my account. My credit is only good. What other options do I have? Thanks
First thing, you do not need a debt CON-solidation loan. That fools you into thinking that debt is the problem when i is really just the symptom. The problem is the behavior that got you into debt. I know because I did it too, only with a lot bigger number than you. I will say that I am a huge fan of Dave Ramsey - I'll let you do your own research on his website.
First thing is: you must get on a budget and determine how much money you can throw at your bills each month. Stop investing until your bills are paid. Have a yard sale. However you can scrape up a dollar within legal means, do it.
Here is what I would do:
1) I would take $9K out of savings, leaving a $1K Emergency Fund
2) I would pay off debts from smallest to largest, regardless of the interest rate
3) I would then rebuild my savings to cover 3-6 months of household expenses.
After that, it gets fun when you get to keep your money and get rich.
http://best-loans.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old 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.
Also, a good resource is...
http://www.safelinked.info/jump.php?link=debt
Good Luck.
How can I get debt consolidation with hospital bills and non credit card debt?
I have a bunch of hospital bills that really cost me in credit scores. I really want to try to consolidate it but I can't find anyone who does debt consolidation without credit card debt. Any suggestions?
Call the hospital and see if they have any programs that can help. Last month when I ended up in the ER with my gallbladder we got put on a payment plan where we only pay off $28 a month until the bill is gone. The surgeons office also worked out a plan where we actually only have to pay half of what the bill would have been (because my dingbat husband cancled our health insurance back in May *smacks head against wall*).
What is the best debt consolidation service?
I have a few credit card that are past due and I'm not able to make the payments.
What is the best debt consolidation company to use?
Keep in mind, I'm not a home owner.
I'm not a student and actually I'm looking for a better answer than the obvious budget and make more money.
Stay away from any that charge a fee.
Most if not all of these companies will trash your credit.
What they do is not pay your creditors for months and then try and settle for less under the threat of bankruptcy. No special skills. They just don't pay.
Your creditors do not have to deal with these people because it is your debt.
Also, If they don't pay you creditors. You, and you alone are still responsible for the debt. Your creditors will sue you and not the company you hire.
if not, continue to budget and spend less.
or make more money to pay off ur debt
If you must go the debt consolidation route, I would only recommend one -- CCCS, Consumer Credit Counseling Services. There should be an affiliate in your area, just do a search on CCCS and your town.city or state. They are the most reputable and have been around the longest. There are lots of scam artists out there who say they will consolidate your debts and then just end up taking a lot of your money and not getting much to the creditors. CCCS does charge you and it should still be a last resort if you can't do it on your own.
Good luck!
Here are some best,
http://debt-relief-free.blogspot.com/
How do you know which debt settlement or debt consolidation program to choose, when theirs 1000's out there?
How do you know which program is good and which one is right for you. I heard their is a way to check there beruo report or something, not sure what its called. How can you see the results and reputation of the debt settlement program or debt consolidation program.
Most of the debt repair/consolation/settlement companies want their fees up front and leave you credit trashed.
Check nfcc.org for listings legit non-profit credit counseling services. They can help you set up a budget and work out clearing up your debt.
You can tackle your debt yourself by putting every extra penny on the highest interest rate debt, while making minimum payments on the rest. When the highest is paid, move to the next, till they are all paid off.
It will take 2 or 3 years but if you work at it, you'll be out of debt with a good payment history.
What are the advantages and disadvantages of debt consolidation?
I have two credit cards that I have used over 5 years ago and never paid back. The total of the two cards FIVE YEARS AGO was $1000. Of course, by now, it should be close to $3000 because of all the interests.
What does debt consolidation do? More importantly, can it REALLY remove or reduce the interest that built up over the last 5 years?
When doing a search for debt consolidation services, I get THOUSANDS of results. Which debt consolidation services are better?
Detailed answers would be appreciated.
Update: Am I correct to assume that if I leave the debt as it is, I can have it completely wiped off my credit card two years from now as if it never happened?
Hi, Jimmy:
First, I already answered a related question, so I've copied that answer below after the dashes.
If your number one objective is to simply improve your credit, you could just wait it out for another 2 years until the debt is 7 years old. You can then ask for it to be removed from your credit report. If this is your objective, then don't pay the debt. Records on your credit report are good from 7 years of last transaction so any payments or charges you make resets that 7-year clock.
Personally, I've never used a debt consolidation company because I've felt capable of trying the same tactics myself. Granted, these companies are professionals and may get special "deals" and privileges that I wouldn't get, but I've still been pretty pleased with my own results.
Before using a debt consolidation company, I recommend trying your own hand at it. Contact your creditors. Before you do, determine how much you can afford to pay in a monthly payment. Even better, if you have some money saved up as a lump sum, you can try to pay them off in a couple of chunks. The more money you can give them at once, the better your negotiating power.
If you're in collections, ask the creditors by how much they'll reduce the total amount owed if you pay now/in 30 days/in 60 days/within a year.
If you're not in collections yet, ask the creditors how much they'll reduce your total interest. Some companies (e.g. Discover used to do this) will even suspend interest entirely while you're in re-payment. Of course, you can't use the credit card during that time, but you're saving money and salvaging your credit.
Good luck!
-----------------------
There are several benefits to credit card consolidation:
- Convenience (only one or two payments)
- Easier to manage (less likely to forget a bill!)
- Possibly a lower combined interest rate
Generally, when companies help you by consolidating your credit cards, they contact the credit card companies on your behalf and try to negotiate a lower interest rate (you can do this on your own, by the way). Then, the companies can take one of several methods for that single consolidated payment. Options include...
- Financing your debt themselves and then THEY pay your creditors
- Helping you find a financier to consolidate your debt
- Having you roll all of your debt under one of your existing accounts and pay off the others
As such, credit card consolidation does not affect your credit rating. In fact, the results of consolidation are often positive simply because it's easier to manage and you may pay less interest.
All this being said, I've never used a consolidation agency because I never wanted to pay the fees. Instead, I contacted my creditors myself and asked for the best possible interest rate they could give me, and asked what kind of arrangements I could make to manage debt. In general, they all worked with me.
By the way, here's one thing to consider when paying off your debt: Bad credit falls off your credit report 7-10 years after your last transaction. So, if you have a liability that is 6 years and 10 months old, carefully consider whether you pay it off or not. If you touch that account at all, even if it's to pay it off, suddenly that 7-year period is renewed. So, the choice you have to make is: Do you want something that was bad and is now paid on your credit report for another 7 years, or do you just want it gone entirely?
There are some ethical questions there, too (e.g. if the debt was yours and you were above 18 at the time, you should pay the debt to be ethical). These are questions that only you can answer. But, when working with a consolidation company, make sure they only consolidate the accounts you want them to touch.
Good luck.
How much does it cost generally to pay a debt consolidation company?
I was wondering how much does it cost to pay a debt consolidation company to help you, because I want to know if it's worth it. I'm in so much debt making barely and I don't know what else to do. On payday I usually just have 100-200 dollars to myself because the rest goes to my bills.
Credit Counselors charge between $10-$50/month and get your interest rates cut a bit.
Debt Settlement companies usually charge about 15% of what you owe over the term of your program.
A mortgage debt consolidation will cost you from 1% to 4% of the amount you refinance.
What you should really look at is what is the total cost to get debt free, how long the program will take, and how low each can get your monthly payment.
Try to get a free consultation from someone, this page had a good review of your options and considerations so you choose the right path for your situation:
http://www.bills.com/blog/consolidate-debts/
Where can I find a personal debt consolidation loan for people with bad credit?
I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.
Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.html
What is a good, reputable debt consolidation company?
I am thinking about doing debt consolidation, but am confused by all the different companies out there. I have heard that there are a lot of shady companies. Does anyone have some helpful advice. My debt is not a huge amount ($6000), but I am tired of paying and paying on them and never seeing a difference on the balances.
I would suggest not going through a debt consolidation company because there are many bad ones out there. Plus borrowing money to pay off your loans to get one payment is like "Borrowing from Peter to pay Paul" as my grandparents told me once. If you do a search on the internet, many of the loan consolidation companies are listed on Rip Off Reports website.
Here is some advice to do this on your own. With only $6,000 in debt, you should be able to do this fairly quick. Others are using the same method with over $100,000 in debt. It works.
First thing of course would be to cut up the credit cards and make a commitment to never charge again. Then follow the following plan.
Make a list all your debts by amount you owe from smallest to largest. Then begin by paying the "most" amount you can each month to the smallest debt with the idea of paying it off quick. Then, only pay the minimum payment on the larger debts. Continue doing this every month until you have the smallest one paid off. Everytime you pay off a debt, call the company and tell them to close the account ... that you paid off the debt and that you do not want to leave the account open. They will try to talk you into leaving the account open. Don't do this as it is too convenient and you will be tempted and will sink into debt again. You then start paying the most you can on the next smallest debt in line and go on from there until you have each paid off. Every time you get any extra money, whether it be $5, $10 or more, apply it against your debt even if you have already sent in a payment. You can send in payments more than once a month. Don't go out to eat. It's "beans and rice, rice and beans" as Dave Ramsey always says which just means (cheap meals that you can fix at home). LOL Also do things to make money like garage sales, sell on eBay, get a second job, anything to help you get money to apply toward that debt. It's not about obtaining the best credit score, it's about eliminating the debt.
You can get more help on how to accomplish this by reading and listening to Dave Ramsey. He has a talk show which you can hear on line through his archives, or live on line, or by radio by entering your zip code and find out what time of day his show airs. Plus there is a lot of reading material on his site to get you started. In addition, he has forums from his site to get help and advice from other people who are in debt. Dave has been there (with debt) and knows what it is like and is now helping people to get out of it. There are people that have followed this method with over $100,000 in debt and have gotten it paid off without going through bankruptcy and without getting some debt help company to do it for them. Dave's website link is below. I would also consider getting his book if you can. I gave mine away a few days ago to someone else on Yahoo Answers who is trying to do the same thing. It is worth the money and not that much, but you can obtain much information just by reading his site, going into his forums (there is a free trial offer) and listening to him on air.
I hope this information helps you and you get the relief you need. Best of wishes to you.
http://www.daveramsey.com
debt consolidation com - News
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Clearing up some debt confusion - Allentown Morning Call Clearing up some debt confusion Most people don't understand the differences among debt consolidation, counseling, settlement and elimination. They're looking for a magic wand to wave to Credit Counselors See Younger Clients, More Debt Getting out of debt Is credit counseling right for you? |
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Dave says: Credit consolidation services ruin credit - Norristown Times Herald Dave says: Credit consolidation services ruin credit I think we should live on a really tight budget and save like crazy, but my husband is really fired up about using a debt consolidation service. |
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Think Debt Relief Expands Its Consumer Services With Attorney ... loan modification programs, credit counseling services, and a debt settlement program that serves as an alternative to costly debt consolidation loans. |
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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
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Consolidation loan Information - Meadow Free Press 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 |
