PostHeaderIcon How to consolidate my debts.?

Hi guys im in my 20s and well like some young people I got myself into debt. Total is about 32,000 with 18,000 as secured debit(personal loan using my car title). I can make the payments but its stretching me thin. im paying somewhat on time but I thought I ask for some help.

Ive thought about calling my credit card companies and a bank which I have a secured and unsecured loan and see what I could do but ive heard of these debt consolidation companies and well honestly not sure what they can do for me?

I take home roughly 1,600 every month after taxes so I can afford payments but Im hoping to consolidate everything and maybe get my debt reduced somehow without runing my credit score.

Yes ive thought about bankruptsy but im not suffering and its really a stretch. But I would like to lower my debts somehow and pay them off as much as I can. Any advice on which company to try or any stories on how they cleared up their debt? Any help would be really appreciated! thanks
I live in the United States 😀

6 Responses to “How to consolidate my debts.?”

  • rainand27 says:

    if u live in australia call 13debt

  • Firedawg6_41 says:

    Do NOT use a debt consolidation company. bad news. The best way to pay down, is to stop using credit at all. Cut back on spending, use what you save to make payments. Try to move balances to cards with lower interest rates. Pay the extra money you save on the higher interest rate cards to knock them out quicker. Then move to the next highest until they are all gone. Take the amounts that you were paying out to creditors and put into savings, invest a small amount, say 25% of it. Continue living on what you have been used to. And you will never have any problems with money again.

  • -- - says:

    What’s the rate of your card? Have you tried to call them to lower your rate? You might want to try Prosper. If you have a decent credit grade, you can borrow (up to $25k) with a lower rate. So you can concentrate in one loan at Prosper.

    I borrowed $2k earlier this year and I have an ‘A’ credit grade. My rate is 8.8%.

  • Katharine says:

    Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan allows you to condense your monthlyold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

  • blogger says:

    check out this site they will advice you on debt settlement or debt consolidation what ever is better for you, good luck

  • Wor T says:

    Approach a debt consolidation company for help, instead of paying high rate of interest to your card issuer. Most of the debt consolidation companies provide loans to help you tide over the credit card debts. These loans are known as credit card debt consolidation loan. The advantage of this loan is that you are charged a low rate of interest. The difference between the interest charged on the credit card and the interest on the credit card debt consolidation loan is substantial, saving you quite a big sum of money.

    However you should note that credit card debt consolidation loan may not be right for all. Before applying for any loan, consult your financial advisor and apprise him of your problem. He will analyze your situation, and decide whether credit card debt consolidation loan is right for you or not. Take this loan only if he recommends it.

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