Debt Consolidation Line Of Credit

Personal line of credit is the amount of money the lender or credit card company is willing to "lend" you. The better your credit score the higher your personal line of credit will be.

If you have a lot of debt I would suggest consolidating...but @ 18%...that is way to high!

Read up on debt reduction here
http://debtfreeguide.blogspot.com/2008/1 2/debt-reduction-for-starters.html

2008-12-21 18:50:35 by gbaby

Visit: www.creditcardhelp.net You can get out of accruing debt by applying for a credit card consolidation loan and trade in your several high ...

I'm wondering if debt consolidation loans bring down your credit score? Also are you required to close the credit cards you pay off with the consolidation line of credit?

Why not try to consolidate all the credit cards to one low interest rate card. You can also call each credit card co and ask if there are any special promos to lower interest rate. The big issue would be not to run up additional debt once you have consolidated. It is a common error. Good Luck

2007-08-20 15:38:47 by krystal t

I understand that no new credit lines can be open until debt is pain off using this service.

I echo what P S says above, read The Total Money Makeover by Ramsey.

Consolidation companies (most) look like a bankruptcy on your credit report. Also if you don't fix the problem (over spending) consolidation just leads majority of people to get right back into debt via credit cards or the such.

You can do it yourself, you just need a budget and a game plan. Read the above mentioned book and you will be on your way to being debt free!

2007-04-30 08:54:27 by nursenansc

Here's my situation: I have 3 maxed out credit cards totaling 35K (all debt to help a friend in need) and 60K of currently deferred grad school payments. I still have good/decent credit because my wonderful parents put me as an authorized user for all their cards since I was 10. I can't thank them enough. Also, never had one delinquent, etc. The 0% on the cards have now expired and in pretty high rates.

I'm a full-time student and work full-time, but can't show income because only been working two months and it's a commission-based job. On track right now to make over 120K this year, but can't work for the next month and need a credit line or free up one of the cards asap.

Can I move all CC debt into one account? What's the deal with debt consolidation-will it affect my credit score? needed? How about yet another credit card? Any other companies that will see the maxed-out high limit cards and not freak? Any options being a student?
Creativity welcome :-)
Thanks in advance, Sam

Hello,

Credit Card Counseling Debt Consolidation

People with good credit score, who have a high level of revolving credit debt, can easily get loan at lower interest rates for credit card debt consolidation.

People who have less credit but have equity in homes can choose credit card debt consolidation with home equity debt consolidation loan.

But some people are being totally consumed by credit card debt. Such people often live from paycheck to paycheck. Most of these people need help to consolidate credit card debt.

If you are drowning in high interest credit card debt and wish credit card debt consolidation, nothing to worry; credit card debt counseling is most successful and best way of tackling this problem.

If you find any problem regarding credit card debt consolidation, it will be wise to seek debt consolidation counseling.

Be very cautious while deciding upon a company for credit card debt consolidation. Even non-profitable groups can be dishonest. Some of them are just brokers who do very little to eliminate your debt and charge high fees.

You can ask to other people who have already gone through debt counseling.

How credit card counseling can be helpful for you?

1. Consolidation counseling will help you negotiating with your creditors to offer you credit card debt consolidation loan at lower interest rates.

2. Right debt consolidation counseling will help you increasing your debt pay off time length.

3. They will help you learn how to be in control of your debt.

4. Counselors will help you know how transferring your balance to zero interest rate credit card is helpful in credit card debt consolidation. Equally important, you learn how to be in control of your debt rather than allowing it to be in control of you.

2008-04-01 20:47:10 by sammymac45

When you say you "filed" debt consolidation are you saying you filed a Chapter 13 (Wage Earners Bankruptcy)? If that's the case and you have completed the terms set out for you by the court in a timely fashion then you could attempt it. I don't know that you would get any new lines of credit issued to you, but you could try.

2007-12-22 18:16:04 by Jeniffer Lynn