PostHeaderIcon debt consolidation loans. ex car, credit cards, ) how do they help/hurt..can somone give me some help?


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thinking of consolidating car (21,000) two credit cards (1500) and a bed (800)

5 Responses to “debt consolidation loans. ex car, credit cards, ) how do they help/hurt..can somone give me some help?”

  • Carpanone Kid says:

    Debt consolidation can be a help in the short term. It should reduce your monthly payments. This can be misleading though. You may be paying more in the long run, but if you need to free up monthly budget money to avoid building up debt, particularly credit card, it may be the best thing. The best approach is the create a plan that will pay off your debt, sooner, rather than later (to save on interest payments). Also, keep your credit rating intact. Some of the debt reduction programs out there will act on your behalf to reduce what is owed, and ruin your credit rating, which will stick with you for a long time. This will come up when making big investments like a home and the rates that you can get.

  • amy says:

    I am in debt management and I think it was the best thing for me to do. I needed to get control over my debt some way because I couldn’t afford it. Now I pay one monthly payment that is automatically deducted from my checking account. The interests rates were lowered on all of my credit cards as a part of the program. I am looking at paying off my debt in 4 years. If I didn’t go through this debt management plan I would probably have to pay those cards off for the rest of my life! Find a debt management program near you (Credit Counselors) Good Luck!

  • Billy B says:

    Here is all the info you need on all you questions. Also give loans out easy

    http://www.loansurf.info

  • Claudia 07 says:

    If you do not have any problems with your credit then approach a bank for an unsecured loan (Max £25k or if you own a house then secured). I find it soooo frustrating when i see debt management companies on the TV. They normally recommend whats called an IVA. It is normally a 5 years plan where they, by arrangement, with the banks etc to reduce interest rate and the debt owed. This arrangement will go on our credit file (bad thing) and it will be unlikely to obtain any credit during those five years. Also for any future credit applications a lender asks ‘Have you ever had an IVA?’.
    Avoid at all costs, almost as bad as bankruptcy.

  • Renaissance Man says:

    Before you do ANYTHING, listen to this man for free, on the radio or online, daily, and you will make decisions that wealthy people make. This is like getting financial wisdom from Bill Gates, except this guy has a radio show.

    This single audio clip CHANGED MY LIFE when I heard it.
    Half way down click “Listen to Dave”. http://www.daveramsey.com/tdrs/index.cfm/2007/9/17/Getting-rich
    JUST LISTEN TO THE CLIP.

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