InstantBadDebtConsolidation.com Provides Free Debt Consolidation Assessment ... WebWire (press release)
Mendham, NJ 11/09 InstantBadDebtConsolidation.com is proud to provide free debt consolidation assessments to all new clients. In a world where out of control debt has created many problems, including a global recession, finding ways to get out of debt becomes paramount. Debt consolidation is one option for getting out from under high interest credit card debt and arranging a single, lower monthly payment.
There are times when debt consolidation is the best possible option for dealing with high interest debts, such as credit cards. There are also times when consolidation may not be the best answer. Consolidation of credit card debt is viewed by some rare individuals as carte blanche to go out and max out the cards again. In other cases, a consolidation loan may simply not be the least expensive way to get out from under these debts.
A free debt consolidation assessment can take a look at your financial situation and your willingness to stop using the credit cards to determine if debt consolidation is the right solution for you. If it proves to be the best solution, the people at InstantDebtConsolidation.com stand ready to assist in getting a consolidation loan with lower interest rates and a lower monthly payment to make it easier to live within your means.
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A Brief introduction to Debt Consolidation Loans brought to you by www.mydebtfreelife.co.uk
Consolidating debt through consumer credit counseling services?
I have approximately $2000 of credit card debt that I absolutely need to get paid down. i talked to consumer credit counseling services, a debt consolidation company, http://www.cccsstl.org/ and this is what i was told:
Basically they would cut my payments down to about $130 a month total for 3 cards by getting my interest rates lowered to between 6 and 10% approximately. I would pay it off in 2 years instead of 8 as i would now without consolidating. he said the $130 a month payment included a monthly fee of $49 directly to the credit counseling service for their help and services. Is that the normal thing when consolidating? Is that legitamet? I would only be paying $80 or so a month on the actual credit card debt and that doesn't seem like very much to me.
Anyone have any knowledge in this area? Is consolidating a smart thing to do and does it hurt your credit in any way? Is there a smarter way to do it?
LONG-sorry and thanks!
Don't touch it! Instead go to www.daveramsey.com
He is a financial giant. Great advice there. Read Financial Peace , Total Money Makeover both by Dave Ramsey.
My suggestion is to cut up all of your credit cards except for one for emergencies. Call the people that you owe money to and see if their credit manager will help you by lowering the interest rate or waiving some of the charges. If that doesn't work and you can qualify for a zero rate or reduced rate credit card then yeah, go ahead and consolidate. But - don't keep that card. Cut it up. Use it only for your outstanding debt. Cancel all the other cards.
Enlist the help of a trusted friend or family member to be your mentor to get you out of debt. Use them like an AA partner. Whenever you feel the need to 'charge' call that friend and talk about the purchase you feel you need to make. Talking it over will give you time to realize that you probably don't need those new shoes or whatevers. Get a part time job and use the income from that job only for the debt reduction payments.
Alternatives: If you own a home you can look at a home equity loan. The interest is generally tax deductible. You can consider asking a parent or grandparent for a loan but make sure you give them a note and repay it promptly if they grant you a loan. Most banks don't offer 'consolidation' loans - and if they do then the interest rate will be close to credit card rates so it's not that advantageous.
$2,000.00 is not a small amount but it's doable. Good for you for recognizing that you need to pay it off. It's a painful process but you can do it!
Consolidating debt through consumer credit counseling services? Info needed.?
I have approximately $2000 of credit card debt that I absolutely need to get paid down. i talked to consumer credit counseling services, a debt consolidation company, http://www.cccsstl.org/ and this is what i was told:
Basically they would cut my payments down to about $130 a month total for 3 cards by getting my interest rates lowered to between 6 and 10% approximately. I would pay it off in 2 years instead of 8 as i would now without consolidating. he said the $130 a month payment included a monthly fee of $49 directly to the credit counseling service for their help and services. Is that the normal thing when consolidating? Is that legitamet? I would only be paying $80 or so a month on the actual credit card debt and that doesn't seem like very much to me.
Anyone have any knowledge in this area? Is consolidating a smart thing to do and does it hurt your credit in any way? Is there a smarter way to do it?
LONG-sorry and thanks!
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
These guys are mostly crooks. Many have been shut down by the IRS because they don't behave like a non-profit should.
Assuming your credit cards are at 22% interest (a nice high average), it would only take you 18 months to pay your $2000 off at $130 per month. 1 year and 6 months. 6 months less than they can pay it off.
Please help the rest of the world and report this company to your state commerce department. This is flat-out fraud. These companies are licensed non-profits. This is sickening, blatant abuse of that tax-exempt status. They are not helping you in any way at all. But it doesn't stop unless you complain loudly.
If you can afford $130 per month, then do it. Apply everything above your minimums to one card. Get that card gone. Then pay everything extra to another card. Get that gone. Repeat as needed. You might even be able to negotiate for yourself for a lower rate on your cards, which will help get them paid off faster.
It's not much help. I would NEVER do this. Instead, call the credit card companies. Tell them you want a lower interest rate or you are going to transfer the balance to a different bank card. They very often will GIVE you a lower rate just because you asked!!
Then, just pay as much as you can each mo. until paid off. Pay MORE than the minimum! DONT USE THE CARDS.
Cut back on junk food, whatever until they're paid off. You'll feel good when you're out of debt.
$2000 sounds like a lot, but you should be able to handle it with out the agency doing this. You should be able to do this by paying the cards off in the order of the highest debt ratio. That is if the card has $800 on a $1000 limit, that is the one you want to pay off first. When you get that paid off, you then work down the next one.
All of this is while you are making at least the minimum payments, and the extra money you can afford going to the order of the debt.
The key is to keep the same money going out now the same. So, when one card gets paid off, take all the money that was going to that card and pay the next on and so on. You maybe shocked how quick it will take you to get out of debt.
http://www.thecreditrepairmanual.com
Good Luck,
How to consolidate my credit card balances in to one account without going through debt management services?
There are alot of ways to do this. However I need alot more info then you are giving. Do you own a home? Is your credit good? How much can you afford a month to pay on them?
Has anyone heard of a company called debt-line?
They offer a debt managment service aimed at consolidating debt into one monthly payment, My friend is thinking of using this sevice but we wanted to know if its ligit. Its not a IVA as she is not over 15,000 worth of debt. Ive searched online to see if there is anything saying it may be a scam but cant seem to find anything on it what so ever (other than there own website) Thanks.
Please go to www.ripoffreport.com and type them in
There might be a few different spellings (with the hyphen and without it) so be patient.
The federal government seems to think that whatever a debt management company can do, you can do yourself with a bit of time and paitence
If I were you, I'd check out www.blagger.com - they normally have some useful info
and just a little point about IVAs. they are as restrictive as bankruptcies, they last 5-6 years and they have to be agreed by over 75% of the debtors. (value not individuals fortuanately).
will a debt counseling affect my credit report?
I am going through a debt couseling service to consolidate my high interest credit cards, will this hurt my credit score?? Through this agency I can only have 1 open credit account -- which is fine, I am SICK of credit debt, but what about buying a vehicle?? WOuld I be able to get financing??
I run a real estate title agency. The Mortgage Broker's I've spoken to have one answer to that. Dont' do it. Even tho you eliminate debt and multiple credit accounts which should improve your credit, the mere fact that you have a debt service on your credit means most people wont' touch you with a ten foot pole. You are better off filing bankruptcy. Even with a bankruptcy on credit you can still get credit. Just at a high interest rate. With Debt Consolidation. You may not be able to get credit at all.
I think the reasoning is that these debt services essentially eliminate any profit these creditor's can make off of you. So there is no reason for them to give you credit again.
And when I asked about this the dont't do it answer was a strong one. Not just offhand advice.
visit daveramsey.com to learn what the bankers credit(slave)cards pray you never ever learn and apply.
watch the drive free get rich video.
we drive 20k$ cars without car note/loans. next year we will be in 25k$ cars without loans.
What is the best debt consolidation service to use?
Im Looking at a lot of credit card debt and its beginning to become to much for me. What services if any are the best to use when looking to consolidate? Fyi im have about 7 different credit cards with some substancial amounts on them!!Help Please!
NONE!
You don't need anyone to do it for you. All they do is negotiate your debts for you and collect a fee. You can do it yourself!
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You proabbly need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follwo it carefully.
Go check out Dave's website as well.
www.daveramsey.com
Will using a credit counseling service to consolidated your debt have negative impact on your credit history?
Yes it will, I am a mortgage consultant and mortgage companies look at a Credit Counseling as a Chapter 13 Bankruptcy. Even if you credit score is low right now, if you have the equity in your home I would refinance your home and include all the other debt. This would be a lot cheaper and save you more money and your credit in the long run. If you need anymore advice. please feel free to contact me.
I want to pay off my credit card debt. What are the best consolidation services I should use?
I owe roughly $15,000 (between two cards). I was young and immature when it came to money and now I have to pay the price. I tried to get a new credit card to consolidate both balances but I was told in an application that my credit score was lowered by too many enquiries over a period of time (big bummer) so I can't get a new card. I almost went with Capitol One, thats how desperate I was. But alas I'm still stuck with these two high interest cards. They're college cards that I got when I was 18 (24 now). I tried to get the companies to lower the interest rate but they gave me a song and dance about the rates being on perma-set rate. So i need advice/help bad. :-(
You dont need to pay another company to lower your debt. Call both credit card companies and explain to them that these are unsecured credit cards and you are being nice and trying to pay them off. Ask for a supervisor and explain this all over again, and threaten to file for bankruptcy which will end up in them losing all the money. Once you explain this nicely, they will end up cutting your interest rate by half and agree to pay installments every month and dont dont charge any more and dont apply for any more cards. This will bring up your credit score too as well not ruin your credit and get the interest rate lowered. This is exactly what a debt consolidation company will do for you and charge you about $1500 for it. You just got that advice for free.
I want to consolidate my credit cards debt and get rid of high interst rates. What is the best way to do this?
I have 4 credit cards with approx. $25,000.00 worth of debt on them. I would like to get ahold of a non-profit debt counseling service in order to get rid of the high interest rates and pay them off alot sooner instead of only paying the interest and the over the limit fees. I have not used these cards for the past 5-6 years and the accounts are closed except for me making payments on them. I am not even touching the actual principal that I owe, although, I have probably paid enough on these cards to have actually paid off the actual principal. How is the best way to do this and what are some reputalbe non-profit agencies that will help achieve this? I have also heard that some credit cards will take a settlement on some accounts. Is this a good idea and how much of the amount owed do they usually want? I realize that this may hurt my credit rating but to be honest with you it isn't worth squat now, so what is the difference? Does the debt consolidation hurt your credit as well?
You would want to get in with a company that is non profit as you stated in your question. Other companies charge you a fee for doing this for you, as much as 50.00 a month. Consolidated Credit Counselors is a company I used before the only problem I had with them is the agreement they have with the issuing banks it to make payments that is 5% of what you owe. That was too high for me so I had no other choice but to do a bankruptcy. In time your credit rating will improve. But by taking action and just not walking away will definately improve your credit rating.
How to consolidate debt?
Are their any good credit counseling services which is combine all my debt into one low monthly payment?
Here's a couple of credit counseling sites, and also information from the Federal Trade Commission on choosing the right credit counseling service. Good luck.
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