I have found myself in a situation after my divorce that i cannot get a grip on. I have credit card debt, not much, but cannot handle the basic payment because i moved in my dads house to help him out, he is 73 years old, he fell ill, so he could not work now i find myself paying his bills, handling his rent and basic necessities, but now i have $3000-$4000 in debt, $2000 is already in collections. I am a single mother and i was thinking about turning to a debt consolidation agency. Is this a good thing to do?
Archive for the ‘Debt Consolidation’ Category
Are debt consolidation agencies a good idea?
Tuesday, March 9th, 2010I have found myself in a situation after my divorce that i cannot get a grip on. I have credit card debt, not much, but cannot handle the basic payment because i moved in my dads house to help him out, he is 73 years old, he fell ill, so he could not work now i find myself paying his bills, handling his rent and basic necessities, but now i have $3000-$4000 in debt, $2000 is already in collections. I am a single mother and i was thinking about turning to a debt consolidation agency. Is this a good thing to do?
state/gov’t sponsored debt consolidation?
Sunday, February 28th, 2010How can I find debt consolidation that is sponsored by the gov’t? avoiding scams
Bankruptcy or Debt Consolidation?
Thursday, February 11th, 2010I’m so dumb dumb dumb. I earn roughly $48,000 a yr I have accrued close to $40,000 in credit card debt, it’s about $800 per month, $1750 for my house, $470 for my car, then all related living expenses. I bring home after taxes: $2,600 per month. I have obviously lived beyond my means. How did it get so bad? I trusted people. I trusted someone for 14yrs, never put him on my credit cards, but did take care of a lot of his expenses/debts. He decided he wanted out that he shouldn’t pay me back. That being said, I’m lost, I’m stressed, and I’m ashamed. I can do debt consolidation, but I’m scared. I heard you pay 3 months to them while they are negotiating your debt w/ the credit card co’s. During that time, you are getting more dings against your credit because they aren’t paying them yet…so you have to pay them too. Afterwards, if they are late on payments…more dings. I have a new boyfriend that gives me a grand a month…but I’m afraid the same thing will happen. Any suggestions?
Debt Consolidation question?
Sunday, January 24th, 2010Alright, so I hired a debt consolidation company about a year ago, under the promise that they were gonna help me eliminate 3 credit cards. All they’ve successfully done, up to this point is debt 75 bucks from my account every month to pay themselves. If there’s ever any communication I have to initiate it, etc. I’m sick and tired of these idiots with seemingly empty promises. I want to fire them and get my money back.
Is that an option? They promise being able to get a payoff on the various cards for a fraction of the actual amount. Can’t I do that by calling the collection agencies and negotiating with them over the phone? I wanna get these cards off my back (who doesn’t) but I’m feeling ripped off an am sick of it. Any suggestions?
Debt Consolidation. IDK?
Friday, January 22nd, 2010Creditor = Capital One
Debt Consolidation Worksheet
Balance Transfer Fee = $0; Interest 7.9%
•First National Credit Card
Account number = NOT 4 U TO KNO
Amount = $150.00; Payment = Remaining Amount (4/18/08); New Balance =$0
First National Credit Card
PO Box 5097
Sioux Falls, SD 57117-5097
•Direct Rewards Platinum
Account number = NOT 4 U TO KNO
Amount = $43.54; Payment =$79.56; New Balance = $0
Payment Center
PO Box 17313
Baltimore, MD 21297-1313
•When account is reported on May’s credit reports, my available credit will be roughly, excluding no pending charges will be roughly 74%. My debt on this card is roughly 25% to the available credit limit.
Capital One Credit Limit = $750.00
Available Credit = $556.46
Balance = $193.54
My credit score now is a 687….
Will there be an increase doing this?
The only negative factors on my credit report is 27 inquiries last year =/………Yea, I needed credit badly….
And short payments history
Im only 20 tho
Debt Consolidation vs. Chapter 7 Bankruptcy?
Sunday, January 10th, 2010Hey I have a few questions about Debt Consolidation Vs Chapter 7 Bankruptcy.
Heres the story, My girlfriend has about 20k worth of debt, shes 31 weeks pregnant, and is going to be a stay at home mom.
Everything is fine off of my finances, but we want to get hers straightened out, and she doesn’t want me to be responsible for them because they were from when before we met.
so she was looking at the pros and cons between the two.
I own a house we each have a car under my name… theres not much under her name that she has, besides jewelry clothes and stuff like that.
I don’t want them to come after any of my stuff!
what do you guys think is the best option for her / us?
should she just bite the bullet and file and be done with it, or work on getting the debt reduced and pay it off?
any input is appreciated
Thanks
Debt consolidation vs. debt management?
Thursday, January 7th, 2010What is the difference? What should I go with to help pay off my debt quickly?
Little background – Decent credit (690-710 range). Husband has several credit cards and I don’t know the total debt, I have 1 (with a $1400 balance). To combat the high CC rates, we managed to get a line of credit, with an interest rate of around 16%. We moved some off to that, but have ended up adding a little more debt to the CC (hospital bills and such). We always pay more than minimum on the cards, and the LOC has a base minimum, but we have an auto payment that pays, I think, $50 over minimum.
What’s my best strategy? Trying to stick with it with the LOC, moving things over as the balance gets lower and paying above minimums on the highest interest rate cards, etc…or trying to throw this to a debt management company?
I would really LOVE to find a consolidation loan on my own that’s lower than the LOC rate. I just want to pay this debt back quickly and with the lowest rate possible.
The L.O.C. payment is also adjustable, it changes each month as the balance gets lower, its always a % of the balance remaining, that’s why we tacked on the $50. I can’t really change that to a set amount, though that does allow us some flexibility in moving cards over later on.
Oh and my credit card account is closed, so I cannot negotiate a better rate to pay them off, according to their CS rep. Is this true?
Debt consolidation vs just paying credit card? What would you do if you were me?
Friday, December 25th, 2009Which is the better route to take?
I have $21,000 in debt spread out between 6 credit cards. I don’t use my cards anymore and I can probably pay this off in 2 1/2 years if I make $1000/month payments.
I called a debt consolidation company and they are willing to take on my case. They said they can reduce my debt to $11,700 and reduce my monthly payment to $326/month for 3 years but it will temporily hurt my credit score because they will settle with the credit card companies.
My credit score is 704-740. I hate to see that happen but I’m kinda struggling.
Credit/Debt Consolidation. What do I do?
Wednesday, November 25th, 2009OK, long story short. My friend had good credit. He started putting business expenses on his personal cards ON TOP of his personal expenses with the expectation of the business paying ALL of his cards each month.
There isn’t enough money to do that.
They won’t stop calling him so he wants me to look in to debt consolidation.
I have no idea what to look for in this area.
Have you experienced this sort of thing? Have you used a Debt Consolidation Organization?
Are there really “Not for Profit” organizations that can help… So I can be sure that they are not just working for the companies to f*ck the consumer over?
PLEASE give me info and experiences on how to best go about consolidating credit cards.
I know that this is not technically My Problem but I need to keep this tard happy.
He is, to be honest, not intelligent enough and does not have the ability to just get down and do the nitty-gritty, even when it is in his own best interests.
I am looking in to this for him because if I don’t, he will just not shut up about it and that will ruin MY day…
So please… No more It isn’t your problem replies… I know it isn’t… But it is better on ME in the long run if I just shut him the hell up!