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Will interest rates really be lower?

Date: Tue, 11/30/2004 - 03:38
Submitted by on Tue, 11/30/2004 - 03:38
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I am a single Mom with about $11000.00 in credit card debt alone. I also owe about $6000.00 on a car loan. I am in good credit standing so many of my interest rates are about 10%. But, I am tired of not having enough money at the end of the month to feed my child, the payments are simply killing us. I was told by a credit counselor once that they could not do anything for me because my interest rates were already as low as they could be, and going through them may not leave my credit record looking as good as it already is. But, I'm tired of suffering under a mountain of debt too. Will my interest rates actually go down or not? And will the rates be fixed or go up and down with the market like the credit cards do?


Hi,

Welcome to debt consolidation care forum. Don't panic. We are here to help you. Considering your present situation I would suggest you to take up a debt consolidation package. Debt consolidation consultants will negotiate with your creditors and reduce your debt amounts to a huge 40-60% in most cases. This debt program will also eliminate your late fees and taxes and restructure your monthly payments within affordable means.

However, please note that car loans fall under secured loans and debt consolidation and debt elimination operations happens only with unsecured loans.

This monthly repayment amount will not fluctuate from time to time. This will be a constant process untill you clear all your debts. It is high time you opt for debt consolidation program and enjoy worriless nights. All the best.

Regards,

Jason.


Submitted by Jason on Tue, 11/30/2004 - 21:50

Jason

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[quote=kyna8]I am a single Mom with about $11000.00 in credit card debt alone. I also owe about $6000.00 on a car loan. I am in good credit standing so many of my interest rates are about 10%. But, I am tired of not having enough money at the end of the month to feed my child, the payments are simply killing us. I was told by a credit counselor once that they could not do anything for me because my interest rates were already as low as they could be, and going through them may not leave my credit record looking as good as it already is. But, I'm tired of suffering under a mountain of debt too. Will my interest rates actually go down or not? And will the rates be fixed or go up and down with the market like the credit cards do?[/quote]

I definitely think that your situation would be good for debt consolidation. I understand your plight as a single mom. Also, i would suggest that you cut expenses as well.

Make a better budget in addition to the consolidation. This could be as easy as picking the medium priced supermarket product over the more popular brand name product. try cutting the corners in every way possible. You will be surprised by the amount of money that you can save.


Submitted by benjaminz6 on Wed, 03/30/2005 - 19:26

benjaminz6

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