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33,000 in credit card debt

Date: Thu, 07/21/2011 - 16:49

Submitted by anonymous
on Thu, 07/21/2011 - 16:49

Posts: 202330 Credits: [Donate]

Total Replies: 3


My wife and I are $33,000+ in debt to credit card companies. Most are at zero percent interest but I have to move them around after deal runs out, incurring transfer fees. We are making little progress and pay out about $800 dollars a month in mostly minimum payments. I have excellent credit now, but want to consolidate this balance and pay them off over the next few years. I need some ideas for the best route to take.


Unless you have collateral and can take out a HELOC, you are going to be out of luck on a consolidation loan. No one is lending that type of money. Doing any consolidation or debt management program is going to tank your credit major time.

your best option now is to tighten your belt and buckle down and get these paid off.


lrhall41

Submitted by SOAPLADY on Thu, 07/21/2011 - 17:33

( Posts: 17315 | Credits: )


Hi,

Yes, I agree with Soap Lady! Taking out a debt consolidation loan would certainly be difficult as very few lenders will allow you a loan with such a huge amount. It is better to manage your personal finances and follow a budget so that you're able to get on top of your finances. You may also try and take out a home equity loan if you've accumulated a huge amount of equity in your home. You can repay your debts through low interest rates and small monthly payments through such a loan.


lrhall41

Submitted by amy.nickson1986 on Thu, 07/21/2011 - 20:56

( Posts: 72 | Credits: )


Hello,

It's frustrating to continue paying minimum payments, and not see the progress you would hope to see.

If your goal is to keep your credit score intact you'll have no choice but to either continue making these payments, or contact a local credit union to see if you qualify for a debt consolidation loan. Credit is tight right now, but I've noticed that credit unions are somewhat easier when it comes to lending.

Obviously, there's also the option of consumer credit counseling or debt settlement, but these routes will have a negative impact on your credit score - at least temporarily. But, the good news is that you would be free of debt in a shorter period of time.

Good luck to you!

Marie Megge
Donaldson Williams, Inc.


lrhall41

Submitted by mariemegge on Fri, 07/22/2011 - 02:42

( Posts: 168 | Credits: )