What is the best thing to do?
Date: Tue, 11/07/2006 - 19:50
Just found and joined this forum - pretty interesting stuff!
I was wondering... we currently have about $32,000 in credit card debts (7 credit cards), resulted from taxes and unemployment in the past years. Currently, we are employeed and are making on-time payments. None of these accounts has been deliquent.
We would like to consolidate them into one account for easy management, and perhaps lowering interest rates. Our current interest rate ranges from 3.9% - 21.9%.
We want to start over, and manage our budget and finance better. What is the best way to do combine the debts and pay off sooner? DIY or go through a debt consultant?
What about credit loans from companies like Bank of America that offers $35,000 loan at $540 a month for 60-months (varied by rate). Is that a feasible solution to help us manage our finance better?
I was never taught to be careful with credit and money. But, this time, I want to do it right. I don't want to be in debt forever... makes life so hard to handle. Please comment and help. Thank you!
what to do
Welcome Guest, Please register and have a debt counselor contact you. You are in a good position working, not behind on bills. Someone can and will help you. Stick around and let us know your progress. Best Wishes KYSIDE38
Do you own a home? You could possibly refinance and obtain the
Do you own a home? You could possibly refinance and obtain the needed funds to pay down your CC debt. Depending on when you bought your home, you may also be able to lower your interest rate as well.
Refinancing Our Home
We bought a home in 2001 with a rate of 6.75%. We currently do not have enough equity to cover the debt amount, and our appraisal value is lower than our purchase value right now.
I was told that refinancing is not a good deal...
You'll need to pay even if you refinance. The risky thing is tha
You'll need to pay even if you refinance. The risky thing is that your property is kept as collateral. In case, you default in the payments, the company will seize your house.
There are other alternatives without any risks. Consolidation or a settlement program will be a good choice without showing any collateral. If you miss the payments in the plan, the program is hurt and the benefits offered in the way will be gone. You don't end up losing your property. You will find one debt management program to be the perfect fix in your situation. Talk to the counselor about each of the programs. He will work out something and your debts will be paid easily.
