Help!! With Some Advice
Date: Wed, 08/12/2009 - 08:07
We are currently in about $80,000 in debt. We can make our monthly payments. Some on time and others 2 or 5 days late.
I'm looking for some advice on what to do or which path would be the best for us. I want to get all of these paid off very soon. I can handle a 5 year plan. Also I want to get all of them into one payment. I currently pay 10 different things at 10 different times. My biggest fear is that what bank is going to give us a debt consolidation loan for that much money?
Any advice? Has anyone else been in this boat?
Thank you in advance for any help :)
David
I am exactly in this boat. First, you will most likely not fi
I am exactly in this boat.
First, you will most likely not find a loan for that amount. Most banks are not giving any loans right now. You can try Prosper other other P2P loan sites but you need a pretty good credit score to qualify. Even then the most you can get is $20K. My credit score has gone down simply because of the amount of debt I am carrying. I suspect yours is the same.
If you want to put everything in one payment then you should talk to a Debt Management company. They negotiate with your lenders to reduce your interest rate and you make one payment to them. They then distribute your money to all your accounts. This can and does work but you need to find a reputable company. Also, you need to make that payment every month without fail. If you miss one, you could be dropped from the program. That is why many people fail a DMP.
If you don't care about your credit score, then Debt Settlement could work for you. Go to my blog where I outline all the different ways to get out of debt.
I am working on a debt stacking approach since I can make my minimums and with a budget can pay more towards my debt. Everyone's situation is unique, so do as much research as you can before you make a decision.
