credit card debt

This site does not offer loans, this is a forum for people trying to get out of debt. Be careful with taking out more debt to pay on what you already owe. A lot of people find that this gets them in even deeper. If you pay down your credit cards after taking out a loan, then months down the road something unexpected happens and you have to start charging again, you're going to end up right back where you started, but now owe the loan in addition to the credit cards.

Have you thought about enrolling in a debt consolidation plan? A debt counselor would discuss your accounts with you and work out 1 affordable monthly payment for you to make. Out of this payment, the debt counselor disburses funds to all of your creditors each month. After you make so many consecutive payments (usually 5), the creditor will in most cases agree to lower your interest rates and waive any late/overlimit fees. The regular, on-time payments are reported to the credit bureaus, which help improve your credit score if it is low, and keeps your accounts current.

You can request a free, no-obligation debt consultation on this site.

I thought that consolidation plans automatically froze and then closed the accounts after they are paid off, is this not true?

Lana

I know that you are not supposed to continue to charge on existing accounts and not open new accounts while in the program. As for being required to close the accounts at the end of the program, I have not heard that before.

I know out of all my cards, the one credit card that is actually working with me-put me on "hardship status" for 6 months and made the payment affordable. BUT there is a hold on any charging until I am out of the program. That is fine with me though.

When I was working on my cc debt, they all put me on a hardship status. I explained to them that I wanted to pay them off, but couldn't because of the interest, etc.

I started with the one with the lowest balance and worked at paying extra a month- was pretty tight for a while. Then I took that payment and aded it to my next lowest balance and paid that off, and so on. Alot of people take the ones with the highest interest, but I am the type of person that needs to see progress, so I did it that way.

Taking a loan to "pa down" something probably won't help -then you are in deeper debt and still owe the CC companies..Let us know if you have any questions..Karen :D

To me-getting a loan to pay off debt is just putting a bandaid on the problem. You will be fine for now but eventually you will be digging yourself deeper in debt. I have been down that road before with my debt.

Try calling your credit cards and see if they will offer you better rates. You would be amazed at what difference it makes in your payment by just dropping the rate a little. Unfortunately only 1 of my cards would do it for me but everybody has a different situation. You may have better luck and it never hurts to try!

If you aren't going to get a loan to cover all of the debt then there isn't any point in getting one. Why put more than one payment on your plate? Also, should you get a loan to cover it all I suggest you not use your cards again until the loan is paid back. No reason to make yourself sink futher.

That is some great advice.