Consolidate Debt Loan Credit Card

In addition to my student loans, I also racked up some credit card debt while in school. I know its probably a long shot, but can you place that in when you consolidate? Just wondering. Thanks

here are some search results.Good Luck.
http://www.yabloog.com/consolidate_credi t_card_debt_into_a_student_loan.html

2008-08-12 22:29:49 by ChicagoGuy

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

I have roughly $15K in credit card debt. Ya horrible I know. My question is If I buy a house right now could I just take out more of a loan for the house and use it to pay off those credit cards? My reasoning in doing this is to get that debt at a lower interest rate by consolidating it into a home loan. Right now I'm paying more in finance charges on these credit cards than I would a house payment.

With the state of the economy right now, it is difficult to get a home loan. Buying a house to spread out you credit card debt will just cost yyou more in the long run. You will have an easier time getting the home loan and gettong it at a better interest rate if you just pay off the debt first.

Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. There is a better way.

A. Have a garage sale and sell anything that you no longer need or want.

B.Get a temporary part time job, if you have one, get another. The holidays are coming and there will be plenty of temporary jobs available. It is better to have a no fun year or two than a no fun decade.


Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.

You can do it and it isn't as hard as you think. Just follow the plan.

2009-02-13 22:08:22 by SM

Price: $6.99

Consider this:
1. I have $30k in credit card debt.
2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available.
3. I am buying another house at the end of April.

Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is?

I have heard that I may be able to get better rates on my loan for my new house if I refinance. Could this be true?

Thoughts? Opinions? Alternatives?

You don't mention how much equity you have left in the home, but lets assume you have some equity. You would not want to "max out" your equity. Save at least 5-10% since you are going to be buying another home soon. Now if you have equity left to refinance your equity loan & pay down some credit cards, by all means do so. To best improve your credit score, pay off what you can, but at least reduce each credit card so that you have some available credit if any are at or near their limits. These are important factors in credit scoring and will get you a better rate on your new home. Its best not to close the cards that you pay off. Having that available credit will help your score. Close the cards after you secure your new home loan. Good luck!

2005-12-14 11:03:49 by Sean J

Price: $29.95

yes, it is smart. as long as you don't run up the credit cards again.

2009-01-28 16:49:45 by nikkiakatweetybird

I don't have enough equity on my home, so I cannot get a home equity loan.

Dumping unsecured credit card debt onto your home is a very bad idea. Don't pay credit cards and you get bad credit and collectors hounding your. Don't pay on your home and you'll be on the streets.

Getting one big loan to pay off all your credit cards might be a problem. Is your credit good enough to get an unsecured personal loan large enough to cover all the credit cards? The biggest problem is that once the credit cards are paid off, folks run up the balances again. Then you have the big loan payment and all the credit cards to pay.

It's better to work on paying off the credit cards. Make a strict budget and take every penny you can squeeze out of that budget and throw it at the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.

Find ways to bring in more cash. Have a garage sale, collect alum cans, get a second job. Throw it all at the debt. If you really work at it, you can pay off the credit cards within 2 or 3 years.

If you are having problems keeping up with the credit card minimums, consider an NFCC credit counseling service: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt. When you complete the program, you will still have decent credit.

2010-02-12 17:52:58 by E27G