Business Card Consolidation Credit Debt

Being a recent grad and not in my prefered area of employment is rough, as it is for many recent grads. My dilemma is my finances. My poor financial decisions (i.e. CREDIT CARD DEBT) in college has caught up with me and it is racking my brain. I have considered debt consolidation because of the seemingly positive benefits of reducing my payments and paying just one bill...BUT is it too good to be true? It seems that there are quite a few debt consolidation businesses popping up and that is cause enough to sit up and really ask what's really going on. I mean, is it really good for my credit (as well as my mental well-being)? Am I better off just toughin it out or should I take the leap and just take a chance with a reputable debt consolidation company? What's a poor girl to do?

Don't go there. Call your credit card company and negotiate the interest rate. They will usually work with you and drop it way down as low as 6 percent if you are tough about it. Then pay off as soon as possible. Other wise you got a snow ball that will roll up bigger and bigger. Just use the rule of 72, what you do is divide the interest rate by 72. If it is 12 percent then 72/12 equals 6 and your debt doubles in six years. That means you got to get the interest rate down and pay it off with a dead line. Good luck!

2006-04-11 11:59:54 by missjones2you

Consolidate credit card debt by taking out a personal loan or doing a credit card balance transfer. Consolidate credit card debt with tips from a ...

This is related mainly to my personal business, and personal finances. Any help on this, or an organization to help with credit card debt consolidation, would be greatly appreciated.

If you're really deep in debt, you can save up some money...several thousand. Then call your credit card companies and say you want to settle your debt. They will accept because they will see that you have so much debt and you may file for bankruptcy if they don't settle with you.

Debt consolidation or "restructuring" companies usually do this same thing except they contact the credit card companies themselves. They also tell you to stop paying your credit card companies and pay them instead.

So basically stop paying your credit card companies, save the money (DON"T SPEND IT). Then call your credit card companies and offer to settle for whatever you have saved. Many times you can settle for 25-50% of what you owe.

2008-11-03 19:16:25 by PizzaTony

Price: $8.99

I am looking for a good company to help us negotiate the rates on our cards that we used to start our business. And to hear from personal experience if this is a good way to go.

I've recommended the resource listed below to a number of folks, and they've all been pleased with the results. Just make sure that the company you go with is non-profit and doesn't charge you a fee. If they ask for a fee, go elsewhere fast.

2007-02-24 07:28:13 by labragator

Price: $16.95

What is the difference between debt consolidation and credit counseling? I want to combine them all and just make payments so i can get my credit cleaned up and in the future get a home loan to buy a house. Are there any good suggestions. I'm not quite sure the best way to go about this. I owe a little over $10,000 but most is in hospital bills that have been sent to collections, and my student loans which i can make payments on but would like to make one payment to cover a little bit of each. Any advice? I've only ever had one credit card, but have made stupid decisions elsewhere with my ex and utilities such as the phone and television bill.

A debt consolidation business is just another fancy name for a way to spend more money to do what you can do on your own. Why pay someone else to pay your monthly bills (they charge a monthly fee to do so).

Avoid credit repair agencies that charge a fee to improve your FICO score by removing negative, but accurate, information from your credit reports. No one can force credit reporting agencies or lenders to remove accurate information from a credit report. Credit repair companies often take your money without delivering what they promise, or provide only temporary improvements of your score, sometimes by removing accurate information that will reappear later.


If you are strapped and trying to get some relief, then go to the following FTC web site to locate a counselor in your area. There are some that waive any fees if your income is too low.

Here is the link
http://www.usdoj.gov/ust/eo/bapcpa/ccde/ cc_approved.htm
Govt approved credit counseling agencies.

Hope this answers your question

2008-04-12 12:16:24 by Kara K

My partner and I have credit card debts and personal loan debts of around $40,000... We would like to consolidate these debts into one sinple pay option. We dont any estate property to borrow aganist and we also cant provide any tax returns... So we are looking for a low doc or no doc loan to help us... Can anyone please provide us with any information? Its not that we are struggling to pay off these debts but it would be nice to save a bit on interest...

low doc loans and no doc loans are for real estate backed loans only.

the debts your're consolidating are unsecured consumer debts - you need to provide financials and tax returns.

2008-07-06 00:02:03 by getting on top