Start up Business...lots o' debt
Date: Tue, 05/02/2006 - 06:39
This is the first Month were I am behind on all 5 payments.
I would love to try and consolidate all 5 cards, for one low monthly payment, and pay them off over 4-5 years. As some months I can easily pay the minimums, but some months I am broke.
But Since I have bad credit, and am maxed out on all cards, i cant find anywhere to do it. Especially with no hidden costs and hi initial fee's....
I need help!!!!!!!!
afox, credit counseling or a debt management plan may be an opti
afox, credit counseling or a debt management plan may be an option for you. With a dmp, your payments are consolidated into one low monthly payment. Also, many of your late fees and over-the-limit fees will be waived and your interest may be lowered. Most people have their debts payed off within 3 to 5 years in this type of debt consolidation plan. The best part is, it is perfect for people who have bad credit.
The only drawback is that you will have to close your credit cards. You generally can keep 1 off in most of the plans I have heard of. However, in your case afox, it sounds like you can't really use your cards anyway. If you are maxed out and trying to get them paid off, this is a great option for you. I would certainly at least look into it if I were you.
One more warning, whenever considering working with any company that deals with your debt, credit, or money, be sure to check them out thoroughly. Check with the BBB, research online for disgruntled customers, etc. Just be cautious and be sure to find a solid, reputable company.
Good luck with your situation afox, I hope that helps some.
dmj210, Thanks for your advice . How do I find a dmp? I could d
dmj210,
Thanks for your advice . How do I find a dmp? I could def close the accounts.
What is the BBB?
Hi afox When you filled up the sign up form in this website,
Hi afox
When you filled up the sign up form in this website, you submitted your phone number and email address here. This info has been sent to the consultant in your area and he will be giving you a call back shortly.
You can discuss your accounts in details with him. He will negotiate with your creditors and arrange lower monthly pay offs for you. The interest rates will be lowered down and you won't have problems in paying the consolidation amount.
The accounts are closed or frozen in the consolidation program with the intention of not allowing your debt to grow further. Once you have paid off the accounts, you will be able to use them again.
