Need advice about consolidating/loans

Date: Sun, 12/09/2007 - 01:42

Submitted by anonymous
on Sun, 12/09/2007 - 01:42

Posts: 202330 Credits: [Donate]

Total Replies: 2

Hi, I am looking for some advice about financial issues that my husband and I have been having. We have only been able to pay the minimum fees on all of our loans & credit cards and they are not getting paid off. I am trying to figure out what to do. From what I am reading online it looks like most consolidation only includes unsecure debt? I'd like to include my mortgage & car payment into it. Here is a list of bills I'd like to pay off:

*15 year Mortgage of $68,000 @ 4.65%. (We are already 5 years into it.) Our payments are around $780 a month.
*Credit Card $15,000 @ a rate of 21%. Payments are around $400 a month.
*Line of Credit Equity Loan from our bank. We owe $16,000. The interest rate varies. Usually around $200 a month.
*Car payment I'm not sure how much we owe on this. I'm guessing $9,000. Our payments are $365 a month.
*Another Line of Credit from the bank that is $1,500. Payments are $45 a month.

(The total is around $1800 a month.)

Our yearly income is $58,000 and our credit isn't that great. (Our mortgage payments are always on time though.)

Any advice would be appreciated. Thanks.

As far as I recall....you can not include secured debt. You coul

As far as I recall....you can not include secured debt. You could probably do a debt management program to lower your payments on the other debt...but that will affect your credit score also and you still could not include the house and car. 2nd mortgage?? Tricky in today's market.

If you register you can take advantage of the free consult...they may have some more suggestions for you!

lrhall41

Submitted by Morningstarr430 on Sun, 12/09/2007 - 04:08

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Thanks for your reply. I guess consolidating the unsecured debt

Thanks for your reply. I guess consolidating the unsecured debt we owe ($32,000) is better than nothing at all. It can't be any worse than the current interest rate we are paying on our credit card (21%). I'd rather take out a second mortgage to pay it all off but I honestly don't think we could get one. (It doesn't hurt to try.)

I might just sign up on this site but am leery of making any type of commitment with financial advisors. About a year ago my husband and I went to Ameriprise for help. They charged us $800 and made it sound like they were going to help us eliminate our debt and gave us all kinds of promises at the first meeting. In the end the only thing they did was say "sell your house" & did not help us at all. We paid $800 for them to tell us that? I think we could have come up with that on our own. LOL I'm just worried that someone else is going to charge us some out of this world fee and not come up with a solution.

lrhall41

Submitted by on Sun, 12/09/2007 - 10:25

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