Card Consolidation Counseling Credit Debt

I have about $15,000 worth of credit card debt(on more than 1 card). I don't use the cards anymore. I'm paying what I can but feel like I'm just going around in cirlces. I haven't defaulted on any of them and I'm not behind in payments. What's the best thing to do?

The best thing to do is to pay off your cards with the highest interest first.
Your other option (depending on your credit) is to transfer the balance to a credit card that has a low introductory rate.
If your credit is good enough, you may be able to qualify for 0% for 1 yr.
In the meantime, if possible, cut up your credit cards so you dont use them.
Do not close them once they are paid off. Having that open line of credit looks good on your credit report.

2008-01-17 10:11:38 by Mike G

Debt Consolidation Loans - Plan your debt repayment with debt cutter and live debt free life from credit cards debt consolidation loans, Debt ...

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: $8.99

I have about $16,000 of credit card debt on four different cards with APRs ranging from about 11 to 14%. I am not working now but have a job overseas waiting for me starting some time in March. Could one of these credit card debt consolidation companies be useful for me? I've seen the advertisements and their claims that monthly payments can be reduced, but would this raise the overall amount I will pay? How could one of these companies be of use to me and how could I go about finding a good one? Any recommendations for a particular company? Thanks in advance.

These companies work by taking your payments, not paying the card issuer, watching your credit get trashed and then offering to settle at a discount. You will not get credit again for a long time and if future employers run a credit check on you, you may well be refused a new job. I would just contact the issuers and see if you can get the interest rates reduced. Then, after setting aside enough for the minimum payments on all the cards, I would pay down the card with the highest balance first, until it was fully paid off. And then I would move on to the next highest card.

If you want help, then the following company seems to be recommended by "experts":
National Foundation for Credit Counseling
(800) 388-2227
www.nfcc.org
Also known as Consumer Credit Counseling Service (CCCS)

Good luck.

2009-01-29 20:04:40 by davester

Price: $4.99

I need help and I don't know where to turn. Yahoo answers is probably not the best solution, but I want to know what the masses think.

My husband is probably getting laid off tomorrow...

We have been thinking of trying to consolidate our credit card debt, but don't know which option is best. We have about 23K we are trying to take care of...all credit cards...it sucks. We are making payments over the min now, but things are going to get tight.

Wells Fargo told us they could consolidate about 10K and roll into a car loan. We don't want to do that, cars are so unreliable and we don't necessarily want to end up w/ negative equity. Our house has depreciated so much that we can't really refinance.

I know credit counseling negotiates your rates with the companies and gets you a lower payment (hopefully at a lower rate) to pay off over time, but it also puts a major dent in your credit score.

Any advice?

Sorry to hear about your situation. Your husband will qualify for unemployment, being that he would be laid off. Some creditors, especially in this economy, may hold off on one or two months payments, being that he is laid off, and unemployment compensation is a lengthy process. Cars do depreciate a lot and fast, so having over $10K in negative equity will make it difficult to ever trade in the car, or refinance the car down the road in the event you have problems with it.

A lot of reputable debt consolidation companies, like wells fargo financial who don't require an upfront fee, and won't let your debts be late, will consilidate into one personal loan, especially since you are a home owner. They will give you separate checks for each debt, and pay them off. This may help with one lesser payment every month, as opposed to separate payments for each credit card. To me, this is better than paying someone for 2 months, while they let all your debts go late and affect your credit, then settle with the companies for a lesser amount.

If you absolutely have to do this, this is the route I would go. Maybe a lesser total monthly payment for your credit cards and your husband's unemployment compensation will help even out the loss of income.

2010-01-20 13:56:26 by Liv

I have 2 credit cards and I am 21. One with a balance of 3000 and one with a balance of about 700. I cant afford my payments whats my best option? they have very high interest. I cannot get a loan to pay them off with a cheaper interest rate. Help please.

A possible alternative loan resource you may want to explore is www.Prosper.com, a site which puts private lenders in contact with private borrowers. A private lender may be more willing extend you a loan than a traditional bank.

2008-01-08 11:48:08 by sweetgurl2504