debt consolidation even if you have good rates?

Date: Wed, 06/23/2010 - 17:08

Submitted by Gerri
on Wed, 06/23/2010 - 17:08

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Total Replies: 2

I have fairly decent interest rates--the highest is 10.34; however since my husband lost his very well paying job, we are now struggling to pay off almost 40k. (we already did a home equity to cut as much as we could, but we didn't have that much equity.) what options do we have? it seems consolidation only makes sense if you have high interest rates.

Call and see if you can get on a hardship plan...a lot of credit

Call and see if you can get on a hardship plan...a lot of creditors offer them. Some will reduce or cut the interest down to zero.

lrhall41

Submitted by SOAPLADY on Wed, 06/23/2010 - 21:12

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Yes, you can consolidate your debts. If you have credit card deb

Yes, you can consolidate your debts. If you have credit card debt, you can transfer the balance from all the high interest cards to a low interest card. Else if you have both cards and loans, you can take out a new low interest loan to pay off your debt. However to get a new loan with low interest rate you need to have a good credit score. Only then will you qualify for a loan with a low interest rate.

If you can't negotiate with your creditors, you can take the help of a debt consolidation company. They will negotiate with your creditors, and help you in consolidating all your debts into one. To check out the best consolidation companies refer http://www.debtconsolidationcare.com/ranking-chart/ .

lrhall41

Submitted by SC on Wed, 06/23/2010 - 21:24

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