Behind on Bills but still paying

While at my bank to clear up some monthly fees on my 'Free' checking - I asked if they had any sort of debt assistance program.



Short of it is. I refinanced a car that was a couple of months from being paid off. Bank was offering financing on 160% of 'value". The new loan pays off 2nd car and 4 credit cards/loans. The new payment is $900 less outpay per month. By doubling pmt all will be gone in 2 yr, and I still have $500 more per month than I did. This is likely to increase my credit score almost 100 points within a few months.



The other car can be financed in 30 days to include remaining 2 credit loans. Once again cutting total output per month by another $200.



Shortly my credit report will show 2 car loans and my mortgage.

I know this probably won't work for everyone. but it might be an alternative for some.

Just wanna say glad THIS 'approach is 'working for you'. Yep...sounds like you WILL raise your score alot. I'm just paying down some high debts, myself. Not gonna do anything 'fancy' until I'm a bit more financially secure. :roll:

I don't know what sdchargers problem is. I don't appreciate the sarcastic remarks. I posted to help people - I thought that was what this sight was for.

the solution I described has taken my monthly payout from $1355 to $440 - I KNOW there are a lot of people on this site that would Love to do that!!

If I take some of the saved payment amount and increase $440 to $800 - $15,000 is paid off in 2 years, and I am still paying out $500 less per month.

Meanwhile, my credit report shows CAR loan and mortgage instead of a bunch of maxed out loans and credit cards.

My debt(monthly payout) to earnings is Greatly improved.

I have accomplished 3 major things that most people on here are trying to do.

1. A way to pay off debt.
2. Lower monthly payment to more manageable amount
3. Improve credit scores

Stipulating that not everybody is in a situation to make this work. But, it might be just the right answer for some. It was for me.

WAIT A MINUTE!!!!! I din't post that to put ANYONE down or to make a scarcastic remark. In my above post, I DID say I was happy this 'approach' worked for you. ...I din't say it to give 'harm' to you, in any way. Obviously everyone's financial status is different. Everyone 'works' their situation in different ways, and it's noce to see other members, on this forum, find a solution to their issues. I was just stating a fact: MY financial situation would not give me the opportunity to give me the 'approach' that YOU took......that's all I meant. :roll:

Hmmmm, I read sdchargers comments, I'm not sure what you mean by sarcastic, I didn't take it that way. :?

When someone takes the time to 'highlight' or CAP 3 or 4 items in the comment, it comes across as sarcastic to me.
I AM sorry if it was not meant that way and I took it wrong. Everyone has a style. I use a lot of - hyphens;)

Sd it appears - 'likes' 'apostrophies' and CAPS - To be clear, just trying to be funny.

I would like opionions on what I actually did. I thought it was very effective in my situation. In my searching for answers, all the talk is about settlement, consolidation, counseling etc.

Not much is mentioned anywhere(that I have found yet) of Home equity, or Car equity, as I have used it.

Just seemed pretty straight forward solution - 'for' ME - lol

Thanks Sd and Shazzers

Your Welcome..and, again, I'm glad you're getting your situation :D under control.