My situation
Date: Mon, 06/19/2006 - 09:52
I got married about 1 year ago (July 16), and up until that date, I had pretty pristine credit. I had a couple Credit Cards that rarely carried a balance over, and when they did, it was something big that had came up, but it was paid off quickly, and payments were always made on time. Then came (about this time last year) all of the expenses that come with a wedding (and following Honeymoon).
I now have about $13k in various credit card debt, that, thanks to being a commissioned salesperson and a bad business climate of late for me, payments have not always been made, etc. I own my house (have for 3 years now), which the payments have always been made ontime, as well as 2 perfectly paid car loans. I'm just in over my head as far as the Credit Card debt.
My question is, would I be better off going through consolidation, or trying to get a HELOC and just paying everything and calling it good? As far as interest rates, and everything else I just don't know. I'm considerably new at situations like this, and never thought that I would ever be in this position, but I'm to the point that it's effecting my day to day attitude. If I can get a low payment that I can just write one check, and save some interest, I think that that alone would do wonders for my head, as well as my check book and credit score.
How does debt consolidation look on a credit score? How long does it stay on there? Is there any other advice that you can give me? I thank you in advance for any help you can give me.
Do NOT accumulate more debt to pay off debt. It will be a never
Do NOT accumulate more debt to pay off debt. It will be a never ending cycle. Go through a consolidation company. It will not list on your credit report. Someone will be contacting you shortly about a program in your area that will fit your needs. You will get a one payment you can afford as well as better interest rates.
BTW welcome! We're glad your here! Congrats on taking the first step! We have ALL been, are or trying to avoid where you are. You are not alone. We are here to help. :wink:
Yes, your concern to get a low payment plan and combine all your
Yes, your concern to get a low payment plan and combine all your debts into one monthly pay off will be accomplished under a debt consolidation program. Not only that, the present interest rate with your creditors will be lowered down after the consultant has done some negotiations. Over all, you will have an easy payment plan under the debt consolidation program and the situation will keep improving at regular intervals. Be sure that you do not miss any of the payments in the consolidation program. Otherwise, you might return back to zero. The creditors will take off all the facilities offered to you under the program.
http://www.debtconsolidationcare.com/benefits.html
Debt consolidation program does not put a negative impact in the credit file. Those viewing your credit in the future will come to know about using this program. Once everything is paid off, it will be removed from your file.
I did want to mention that when I went through debt consolidatio
I did want to mention that when I went through debt consolidation, I was told that they can still report me late on my report. Which all of them did.
