Christian Debt Group and question about my situation...Help please!
Date: Tue, 10/07/2008 - 01:06
Anyone ever heard of a christian debt group that does not charge any fees?
Also is debt counseling the same as a debt consolidation loan?
Do you have to have good credit to get a debt consolidation loan?
I got a thing in the mail for debt consolidation thru Discover card (preapproval), for $25,000 for my "superior" credit ranking my credit score is about 640 last I checked, but i have about 60,000 in credit card debt. Thought about trying to do debt consolidation for the $25,000, then debt counseling for the rest? Does that make sense? Can I do that? I am currently not in default of any payments, but I have been getting cash advances lately cuz my husband has no job. This won't last much longer since he has been without a job for almost a year....Yes I want to CHOKE him!
I am a nurse and I think once he gets a job we can VERY slowly get our cc situation under control, but the stress is killing me as to what to do with all the debt! Any advise would be welcome!!
Also is debt counseling the same as a debt consolidation loan?
Do you have to have good credit to get a debt consolidation loan?
I got a thing in the mail for debt consolidation thru Discover card (preapproval), for $25,000 for my "superior" credit ranking my credit score is about 640 last I checked, but i have about 60,000 in credit card debt. Thought about trying to do debt consolidation for the $25,000, then debt counseling for the rest? Does that make sense? Can I do that? I am currently not in default of any payments, but I have been getting cash advances lately cuz my husband has no job. This won't last much longer since he has been without a job for almost a year....Yes I want to CHOKE him!
I am a nurse and I think once he gets a job we can VERY slowly get our cc situation under control, but the stress is killing me as to what to do with all the debt! Any advise would be welcome!!
Most debt consolidation loans require collateral (house, car), w
Most debt consolidation loans require collateral (house, car), which means that you would be turning unsecured debt into secured debt (not usually recommended by financial advisors).
I think by debt counseling, you are probably referring to consumer credit counseling. In order to enter a consumer credit counseling program, you would have to stop using your credit cards, and you would have to be able to make a monthly payment that would probably be somewhere in the same neighborhood of what your current minimums are. However, they might be able to get your interest rates lowered, which means that you could pay the debt off more quickly.
