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Sub: #1 Debt consolidation
Replied on 01-05-2009, 02:46 PM
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I am considering debt consolidation. It would lower my monthly bills by a little and would help me out now. Problem is, the interest rate is higher than all of my current debts/loan rates, so in the long run I would be paying more, but soon I will be making significantly more and would probably be able to pay the loan off quicker. It would be about 20k over 4-5 years at 12%, where as I would probably be able to pay it off over 3-4 years. Plus, paying one bill a month is easier to budget and pay, as one of the loans can vary.

My current rates for my loans are 11.1%, 7.9%, and 6.9%.

Would the 12% interest rate be worth it now as long as I can pay off it off early?

Sub: #2
Replied on 01-06-2009, 01:16 AM
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welcome sta0341

You can avail free counseling from one of the financial coaches of this community.

Anonymous
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Sub: #3
Replied on 01-06-2009, 01:40 AM
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debt settlement can lower your debt by 40 to 60% or more. But it will negatively affect your credit score.

Anonymous
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Sub: #4
Replied on 01-06-2009, 06:55 AM
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Your rates aren't that bad at all. I would look into an accelerated payoff (snowball) program. And STOP using your cards - try to operate cash only. Otherwise use your cards, then pay that balance off by months end plus whatever you're putting towards those cards monthly.




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