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My situation (help please)

Date: Wed, 10/31/2007 - 10:28

Submitted by anonymous
on Wed, 10/31/2007 - 10:28

Posts: 202330 Credits: [Donate]

Total Replies: 3


I'm in roughly $11k of credit debt through two cards: A Visa with about $9k on it and a Discover with about $2k. I want to consolidate these debts into one payment so that I can stop the collection calls, bulk mail, etc. To be frank I'm not too worried about my credit score, I just want to get out of this debt so that I can begin my life anew. I've been researching how to do this and it appears that a debt consolidation loan would be my best option but I am worried as to who to get one with. Are the companies like E-Loan and Lending Tree viable options for such a course? Also, I did sign up on the form on the right side of the page but have yet to hear from anybody yet. Any help or personal experience stories would be greatly appreciated.


Welcome to the Community :D I see you joined today- it probably takes a little time to get back with you on the counseling.

I think I would think about debt consolidaton vs debt consolidation loan. I am not a big fan of borrowing money to pay back money-it has gotten me in a lot of trouble.

Feel free to ask questions, and if you don't hear from someone soon-let us know-also check your email..karen


lrhall41

Submitted by Bossy4455 on Wed, 10/31/2007 - 15:43

( Posts: 5854 | Credits: )


Hi captain, Bossy is right. Loans may not be the way to go though I strongly advocate the free consultation this site gives to its members. I went through consolidation and it was the best avenue I could have taken. I had a little over 10k in credit card debt and most of my creditors agreed to the terms and conditions. ic an tell you that this did stop my collection calls and threatening mail/collection letters. If you go the consolidation route please be careful who you choose. that is something you may want to bring up to the person who will be calling you (if you use the free consultation) that you are considering consolidation and see who or what they recommend. I did not go the loan route because then you just owe more money with interest. with consolidation companies you will probably pay a monthly fee but it's all combined in with your one monthly payment and I can almost guarantee you that the fee you pay to these companies are far better than the interest that accrues with a loan. this is just my experience. I hope that you choose the right avenue for you, but thoroughly research whatever option you choose. good luck and welcome :)


lrhall41

Submitted by debtstinker on Wed, 10/31/2007 - 18:45

( Posts: 288 | Credits: )