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I have refinanced my mortgage in 2009 at 5% for 30

Date: Tue, 05/17/2011 - 10:41

Submitted by fdpr
on Tue, 05/17/2011 - 10:41

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Total Replies: 5


I have refinanced my mortgage in 2009 at 5% for 30yrs. I have about 25,000 in credit card debt and I cannot consolidate all my credit cards because I have no equity in my home. Would it be a good move to try and settle this debt with a reputable debt settlement company where attorney's get involved to lower the amount owed? I know my credit will take a hit for this. Do I have any other options?


You can consolidate your credit card debt even if you don't have any equity in your home. You can consolidate your credit card debt through balance transfer method. Otherwise, you can enroll in a debt consolidation program and pay off your credit card debt comfortably. The debt counselors will negotiate with your creditors to lower your interest rates. Thereafter, you'll only need to make a single monthly payment to the creditors. The consolidation company will forward your money to the creditors after taking away their fees.

If you don't wish to enroll in a debt consolidation program, then you can get help from a reputable debt settlement company. The settlement company will help lower your debt amount by 40% to 60%.


lrhall41

Submitted by Good Nelly on Tue, 05/17/2011 - 20:56

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Thanks for answering my question. I believe that the balance transfer method is to transfer several credit cards on to one credit card with a lower interest rate? I think I like the debt settlement option the best if it can lower my total debt by 40% to 60%. But I think my credit rating will take a hit, but what can you do about that? I was also contacted by one settlement company already: Lucid Financial Consulting and it is backed up by the BBB. Can you give me a list of reputable settlement companies? Thanks again.


lrhall41

Submitted by fdpr on Wed, 05/18/2011 - 19:24

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You may contact a debt consolidation company and get help of debt consolidation program. You can directly negotiate with your creditors. You may also go for debt settlement option, which can reduce your debt amount by 40-60%. This option may create a negative impact on your credit score. So, it is better to go for debt consolidation option.


lrhall41

Submitted by anonymous on Thu, 05/19/2011 - 04:57

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I have settled approx. 30,000 of credit card debt myself. Another poster settled over $100,000 himself. Don't waste your money on a debt consolidation company. Many have bad reputations, take your money and disappear.

You can do this yourself and retain control with your creditors.


lrhall41

Submitted by aubrey on Thu, 05/19/2011 - 06:20

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