| |  |
| Home | Law Advice | Insurance Advice | Community |
| |
| ||||||||||||
| |||||||||||||
| | |||||||||||||
| |||||||
| | |
 |
| | LinkBack | Thread Tools | Rate Thread | Display Modes |
|
#1
07-27-2006, 12:38 PM
| |||
| |||
 Consolidating DebtWhat is the name of your state? WI Me and my husband are thinking of consolidating our 2 major credit cards with signifcant balances on them into a loan or something that we can pay off quicker than the cc company. Any suggestions? I don't want anything that will hurt our credit. We both have good credit. I have just heard some bad news about those places you see on tv to help you get out of debt. Does anyone have any suggestions? thanks!! Sarah |
|
#2
07-27-2006, 09:36 PM
| |||
| |||
| 99% of those places on TV are SCAMS and will do more harm to your credit and your financial situation than they will help. Rule #1, you cannot borrow your way out of debt. IF you can manage to get a consolidation loan, then you MUST cut up those cards that you are consolidating. If you do not, you run the very real risk of running up balances on them again and then you'll be doubling your debt. Better to work out a budget and stick to it. Cut excess expenses and live within your means... and sock drawer the credit cards.. better yet put them in the shredder !
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
|
#3
07-27-2006, 11:33 PM
| |||
| |||
| Oh yes the cards are definatly done and will be cut or destroyed. I was thinking of going to our bank and seeing about a loan but I am unsure how long they offer a loan like that for. We have no problem paying our bills (now that I took charge) but it seems no matter how much extra I pay a month they just stay the same and it gets frustrating. Thanks for the advice. Any more would be appreciated. Thanks! Sarah |
|
#4
07-27-2006, 11:37 PM
| |||
| |||
| Sounds like you're saddled with some hefty interest rates. The problem is if you can't make payments large enough to pay the total monthly added interest PLUS extra money towards the balance itself, it is going to be a slow and frustrating process. Any chance of maybe a 2nd job to have more money to apply to the debt ? Lots of banks won't do debt consolidation loans, they fear you'll just build more debt in addition to the new loan and in far too many cases they are right. Call around though, they are out there, just look out for rapacious rates.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
|
Linear Mode
