Credit card debt consolidation

Questions and Answers

is there a debt consolidation company that does not take your credit cards away?

A) No. If you are so indebited that you need to consolidate they will negotiate with creditors and will require you to turn in your credit cards. If they let you have cards you will continue to increase debt and end up in more trouble with creditors by not being able to keep on all your payments.

Hi When you take out a debt consolidation loan and the lender sends cheques to pay off your credit cards?

Q) if you were tempted to use your cards again are they still active

A) unless the banks have notified you that the card has been cancelled - cos you missed payments, went over etc., the cards are still active. however, remember that it is so easy to fill them to the hilt again. it starts off as oh its just this one thing, its just this emergency, il pay it back on pay day, then its oh and this thing and that thing, oh ill pay a bit now and the rest later and before you know it, your maxed out and taking out a bigger loan. just be cautious is all x

i have got myself into debt, has anyone ever used the consumer credit counselling service?

Q) i have got into debt through credit cards, catalogues, store cards and personal loans. would i be better getting a consolidation loan or having the consumer credit counselling service act on my behalf?

A) You could try the Citizens Advice Bureau. They have fully trained debt advisors and their service is free.

Huge credit card debt...Need advice on consolidation?

Q) My friend and her husband have a huge credit card debt (42,000) and she recently had to stop working due to a difficult pregnancy. They cannot make their payments any longer. The debt is in her name only and they are considering a credit card debt consolidation company but she is wondering would it affect her husbands credit if she filed it in her name only. Anyone been through this or have advice? Serious answers only please...they are having a really rough time right now.

A) Okay... here's what's up... you are using the term "debt consolidation" but a consolidation is simply taking the debts you owe and combining into one loan. Unless they can drastically reduce the interest rates to a manageable monthly bill that they can pay off on time, it's no different to owe $42K to one creditor or 15 creditors... the reality is they owe $42K. With that said, I believe you are asking about a debt management company like Consumer Credit Counseling. Yes, she can file her own bills with them but she's going to end up not having the income to repay the debts since she has no income. That's not going to work. There's no reason for hubby to go into a CCCS type of plan if he has no debts. You may be thinking of the kind of company that settles debts with creditors for pennies on the dollar. The problem there is that it's one step shy of bankruptcy according to the credit reports and scores so it's really not going to be of much advantage to owe $20K of the $42K that she cannot pay either. That leaves bankruptcy. That's a last resort option but sometimes people have to do what they have to do and at least they can get a fresh start. The problem with bankruptcy is that being married, it doesn't matter whose name is on a debt because in many states, his bills are hers and her bills are his and even if he doesn't want to file bankrutpcy, he may have no choice is he's pulled in. Also bankruptcy puts your finances in the hands of the court. You do not choose who you pay and not pay. Some people are forced to sell homes and cars and other assets while others can keep such possessions depending on what the court deems to be the best route for the consumer. The real answer to the question isn't really the debt. For some people $42K is 50% of their income and to others $42K is only 10% of income. What's alot to you and I might not really be alot depending on equity in the home or a variety of factors. The debt settlement companies turn you into a deadbeat with the creditors and then THEY make the money that you would have paid to the creditors anyway. What's the advantage there??? The first step might be to call the credit card companies directly and ask what kind of hardship programs they may qualify for. Perhaps they can suspend credit priviledges and payments until she returns to work. They may suggest a program like CCCS. The thing is if her income is zero, that's all she can pay. Give your friends the website or phone #s on the "take the first step" link below to the NFCC.ORG consumer credit agency below and ask what options, pros and cons, are available to your friends. It'll be the best phone call they can make.

How do I fix credit card debt, I got good info on http://credit-debt-consolidation.blogspot.com/ , need more?

Q) 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.

A) sure dude, here I found tons more. It'll take a month to read it all. http://credit-cards.ebookorama.com http://finance.ebookorama.com

Any recomendation for a credit card debt consolidation firm?

Q) A firm that you ve been satisfied with and helped you to eliminate your debt with a competitive rate (i,m florida , miami area)

A) A bank.

Is it recommended to use debt consolidation for credit card debt?

Q) I am approximately $25k in debt, should I use a debt consolidation agency?

A) well, you got SOME replies but here's some great reading, might take you a while though: http://credit-cards.ebookorama.com http://finance.ebookorama.com http://credit.ebookorama.com http://credit-repair.ebookorama.com if you get any luck please don't forget about me lol, hope it helped you!

Should I look into Debt consolidation with my credit card debt being $6000 or should I work something out?

Q) Should I go to a debt consolidation company or work it out amongst myself?

A) This calculator may help you. Enter your debts and it will help you calculate the payment for a debt consolidation loan and it will compare that to using a debt elimination strategy so you can see which is best in your situation. http://debt.bizcalcs.com/Calculator.asp?Calc=Debt-Consolidation This calculator uses the debt elimination strategy used in the one above, but gives you a monthly payment schedule using your debts and how much you can pay. http://debt.bizcalcs.com/Calculator.asp?Calc=Debt-Elimination Good luck eliminating your debt!

Where can my husband get debt consolidation to pay off credit card debts without collateral?

Q) We went to apply at a credit union and the first time the lady said that we was approved of the amount that we asked for without collateral and that the next day we could fill out the forms and get our loan. The next day we went, it was a totally different woman and story. She told use that we was not approved at all for the amount of the loan that we have asked for but that they colud offer us another amount in which was not enough to pay off one of the four credit cards that we have. It's very, very fraustrating because we pay all our bills on time and we do make the mininmum payments on the credit cards which ranges from $50-$100 but that's not enough for them. We just want to pay off the credit cards and to build our credit back up again. What can we do? We need some help!!! We don't own or rent a home and we have a personal loan (that we pay them on time) already with the credit union that we went to to apply for debt consolidation loan.

A) 1. You can try again in a few months after making higher than just minimum payments. Once you pay down some debt, your score may be high enough to qualify. 2. You can make higher than minimum payments for several months, and then contact your credit card companies to request a lower rate. That can help you pay them off even faster, and it may lower your payment slightly if you need a break. 3. You can use the equity in your home to get a home equity loan. This can give you a much lower rate that may also decrease your income tax burden (ask your tax adviser). It does mean that you are securing what was once an unsecured debt with your greatest asset. If you are not a homeowner with equity, then this is not an option.

If you are in alot of credit card debt is debt consolidation the right thing to do? Will it ruin your credit?

A) There are Consolidation firms who will pay it off for you then you pay them at a lower interest rate, however there are all kinds of sharks out there so you want to be careful who you choose to use. Below you will find some interesting reading on these matters: http://credit---card.org/ cheers

Consolidation of Credit Card debt?

Q) I have maxed 2 of my credit card. each at 18% p.a. if i take up a loan at 12% p.a. to settle both credit card & only make 1 repayment towards the loan.. is it worth it? from 1 point of view, its basically creating debts to settle debts. but on the other hand.. it is at a lower interest rate.im confused!

A) Go for the lower interest rate. Better yet, get a credit card with 0% interest on balance transfers and pay off your cards that way.

What is the best way to get out of credit card debt. Do debt consolidation companies really work?

A) Most debt consolidation companies will actually hurt your credit. Your best bet is to focus on one card at a time. Pay as much as you can on that one card while paying just the minimum on the others - as you pay one off add that payment to your next lowest until they're paid off.

Should I consolidate my credit card debt? More info in description...?

Q) I have around $15,000 in credit card debt. I am able to pay a little over the minimum each month, but my average APR is around 20%. It looks like it will be tough to bring these to zero. How well do these credit card debt consolidation work? Do they give you better APR rates? I have a good steady job and my salary will continue to increase. I am wary that they are more scams. Your thoughts are welcome.

A) If you've got decent credit try this web site. www.prosper.com you can get a great rate. Just make sure you have the discipline to not go out and get more debt once you have consolidated. You got into the situation your in by having poor money habits. Correct your habits or nothing will help.