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 Posted: Wed Jun 27, 2007 1:11 pm Subject: Need to consolidate for revolving accounts |
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Hi, I have a few revolving credit card accounts totaling $11,000 in debt. I am not delinquent or late on any of them and can afford to pay the minimum payment on each, however, as you can guess, it is really not leading me anywhere except month after month of 80% interest payments and 20% principal payments. Can i do anything with a 3rd party debt consolidation company in this situation, or do you have to be considered delinquent? i pay about 300 a month between them, which is only about 80 more than the minimum payments due, but the majority of my debt is split between two cards where i pay only $10 more than the minimum.
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raynesrock
Joined: 27 Jun 2007
Posts: 3
Debtcc Points: 100
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| Posted: Wed Jun 27, 2007 1:20 pm Subject: loans |
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Welcome to the forums. Please sign up and accept a free call from a debt counselor. They are trained professionals that deal with debt issues dailey. I am sure they can come up with a plan to help you. KYSIDE38
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KYSIDE38
Joined: 19 Jun 2006
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| Posted: Wed Jun 27, 2007 1:31 pm Subject: |
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yes i did do that, but i was just interested in seeing what people on here had to say in terms of others experiencing the same...sorry if thats not how it works and im supposed to wait for a call from the counselor.
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raynesrock
Joined: 27 Jun 2007
Posts: 3
Debtcc Points: 100
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| Posted: Wed Jun 27, 2007 1:31 pm Subject: |
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Kyside is giving you good advice. Paying the minimum on that amount will take you about 15 years and 30,000 to pay them off.
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frogpatch
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Joined: 09 Apr 2007
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| Posted: Wed Jun 27, 2007 1:37 pm Subject: |
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hmm, frogpatch i dont see kysides advice, but what you are saying is why i am here!!!
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raynesrock
Joined: 27 Jun 2007
Posts: 3
Debtcc Points: 100
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| Posted: Wed Jun 27, 2007 1:41 pm Subject: |
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It's going to take long if you continue with the existing plan with your credit companies. The maximum portion of your money will be eaten up in interests and fees alone. If you hire a consolidation company, they will negotiate with your creditors on reducing the interest rates and waive off most of the fees. Your payments will be going largely towards the principal and you will soon become debt free. At the end, you will find yourself saving more money in the program.
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Bony
Joined: 22 Oct 2005
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| Posted: Wed Jun 27, 2007 1:44 pm Subject: |
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Scroll up to the post below your first one. Kyside38 said to take the free debt consultation. They will help you explore your options. You can probably get that cleaned up in 36 to 48 months without feeling squeezed.
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frogpatch
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Joined: 09 Apr 2007
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| Posted: Thu Jun 28, 2007 3:04 pm Subject: CC 911 |
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My daughter is in debt for over $14K. The credit card companies are penalizing her for having too many revolving accts and have slammed her with some totally unfair interest rates (33.4% and 27.99% etc.) She makes her payments on time every month but is spinning her wheels as very little of the principal gets paid. She doesn't want to do Consumer Counselling as that would mess up her credit. She has a mortgage balance on her land and home that is for about half of what the property is worth BUT she cannot get a loan because she is on disability. She has even paid over the minimum payments but is not even close to seeing daylight. Is there anyone out there that would consolidate her credit cards so she has only one payment to make and get rid of these bottomless pits that never seem to get smaller??? The credit cards have been cut up and thrown away. Can you suggest a solution. Thanks
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curious George
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