PostHeaderIcon What should I do to handle my debt? Loans? Consolidation?


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Ok so im about $6500 in debt. I have a credit score of 696 the last time I checked but recently have had a very bad run of jobs. I am now with a GREAT company (Alltel) and bring home about $2000-$3000 depending on sales. But right now im at the point to where I cannot keep up with my credit card bill, loans and unpaid debts. I need to try and get all of my bills (About 10) into 1 easy payment. Over maybe a couple years time. (Not including car payment or insurance.)

I was considering debt consolidation but then was told that my credit will be ruined and I definitely dont want that to happen but I may if theres no other alternative.

If I look into bank loans where should I try? I have a credit score of 696 but cant even get a department store credit card.

5 Responses to “What should I do to handle my debt? Loans? Consolidation?”

  • pops says:

    stop using the cards.
    pay off the highest interest cards first.
    scale back.
    see a debt counseling service

  • y4k210 says:

    http://www.daveramsey.com

    Do a search for him he’s great with debt solutions/finance problems.

  • websterjdjr says:

    a consolidation wont do no good if ya just gonna go load up some more credit cards. If you get credit counseling be sure the counciler is on the government approved list of credit councelor’s the ladies home journal has a very good article on credit debt. a bunch of good articles are at that link I suggest you read up on it.It might make your day.By the way my wife is the suscriber to the ladies home journal.Makes good bathroom reading..LOL

  • Succes says:

    Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

  • Gary H says:

    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

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