Debt Consolidation Care Answers
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Which would be better, an unsecured loan or counseling?  

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Basically I owe 25000. I am now in school and it has become harder and harder to make payments. I am now only making the minimum payments and had my first late payment ever a month ago, which caused 2 of my cards to raise the interest rate (their the same company)
My priorities are set interest rate, lower payment.
Which would be best? An unsecured loan or counseling?
Thanks for your time!!!
 

asked Jan 7, 2005 05:38 PM

Anonymous
Best Answer
7
best answer

Hi Keegan,

Thank you for contacting us. It is not advisable to go for another loan for the repayment. If you have a decent income, then it is fine, but you said it was harder and harder for you to make payments, then why go for additional burden?

Sign up with us at http://www.debtconsolidationcare.com/signup/ and get free counseling and advice, Once you did you'll have more ideas on credit, credit repair and almost all financial related matters that will help you learn more in dealing your debts and the ability to do it all by yourself in future. We want you to know that we will do everything in enlightening you. Please feel free in writing, keep in touch on how it goes and let us have more of your ideas and suggestion as well.

Regards,
Simon

answered Jan 7, 2005 10:17 PM

5 Answers

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I am in a similar condition to Keegan. I have heard, though, that debt consolidation can hurt your credit report and chances of getting a loan later down the road when you are debt free. What are your thoughts?

Kalman

answered Jan 19, 2005 12:01 PM

Anonymous
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Quote:

I have heard, though, that debt consolidation can hurt your credit report and chances of getting a loan later down the road when you are debt free. What are your thoughts?


It will hurt only if it comes on your credit report; you can negotiate with your creditor and make it "paid as agreed". Most of the creditors allow it as they are more concern with their money not with your credit report.

Some may disagree initially but offer a better deal and it will be done.

Regards
Vikas

answered Jan 19, 2005 05:50 PM

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Hi Kalman,


Quote:

I am in a similar condition to Keegan. I have heard, though, that debt consolidation can hurt your credit report and chances of getting a loan later down the road when you are debt free. What are your thoughts?


Welcome to Debt Consolidation Care. Don't worry about your credit report; you should worry more about your debts and the mounting interest. Repay your loan first and the rest will fall in line. With proper negotiation many things are possible.

Regards,
Simon

answered Jan 19, 2005 09:15 PM

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I think it's great that there are programs that can help a young man that made bad spending decisions I don't even have the stuff I am paying for 3 years later. I hope everything works out for everyone that took credit for granted

answered Feb 6, 2005 12:34 PM

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Harley girl,

You are right, we also try to do more service and lend helping hands as much as we can. It is a joy to see people clawing their way to normal life again after so many sleepless nights and traumatic experience due to heavy debts.

We appreciate your feedback and regular participation in the forum.

Thanks,
Simon

answered Feb 7, 2005 03:20 PM

1 

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