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Debt consolidation recommendations

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Captain
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Posted: #1
Has anyone ever done this? I just wonder which ones are good or not. I have been considering it just to get all my credit cards lumped into one monthly payment and get on some plan to get them paid off.
 
MVP
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Posted: #2
DO NOT use any of the programs you here on the radio or see advertised on TV where they claim that they 'help you' or that they can negotiate your balances.
 
Do you have any collateral that you could post for a secured loan?
 
How bad are you in debt?
 
What's your credit score look like?
 
You are smart to get on the ball with this asap, as in RIGHT NOW.  Economy is only going to get worse, and the cc companies have been doing some sheisty activities in the last 6 months.  They see what's coming and don't want to get stuck holding the bag
 
If you have no assets, your credit isn't great, and you have more debt than you can see yourself paying off, GO BANKRUPT
 
I know most will say that is terrible advice, and you should suck it up and pay, but i beg to differ. If you're debt is to the point where it's nearly impossible for you to pay it off, you HELP THE ECONOMY WHEN YOU GO BANKRUPT, because you are able to reallocate your spending from debt service, which does nothing for the economy, to consumer spending or saving, which is 
 
FREE YOUR MONEY
 
Captain
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Posted: #3
Can you tell me why not to use the ones on the radio or tv? What do they do that is bad? I basically just want all my credit cards lumped into one payment so I stop getting all these bills every month. I just want them all put together in one payment that I can have paid off in 36 months.
 
Captain
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Posted: #4
Also my debt is not that bad. Its just I took a big paycut in my salary and am making under 30K right now. If I get a new job hopefully soon that pays me what i should be making which is around 50K then I can get it all paid off in less then a year.
 
MVP
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Posted: #5
because they are scams. Think about it, you are already getting hammered with interest rates, and you want to pay another sheisty company more money just to consolidate your debt. Try going to your bank, or better yet go to a local credit union. I was just in my credit union asking about some loans, and they are very eager to lend money.
 
We are being lied to that 'the banks aren't lending'. The real problem is that there is no demand for loans
 
DO you have any asset you could post as collateral? Bankruptcy doesn't sound like an option if you feel you could pay it all off in 36 months.
 
I would do it like this, if i were you.
 
Line them up in order of highest interest rate, that's the one you want to pay off first.
Make minimum payments on the one's with the lower rates, while paying the most you can afford on the one with the highest.  When i say most you can afford, i mean start living with no luxuries and only necessities until you have paid down your debt.  Once you have that one paid off, cancel it, and start the same with the second highest rate. keep going until you are debt free.
 
Live like a broke ass until you are out of debt, you will thank me later. If you have a pricey car, sell it and buy a junker.  It will take some sacrifice but you can be debt free rather quickly if you budget your income.
 
Captain
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Posted: #6
My car is all paid off so no worries there. I basically took the hit when I lost my job then couldn't find one and took a $15,000 pay cut. So I have gotten way behind on my payments and just need some help. I have cut them all up so I wont use them anymore. Hopefully I will get a new job soon and get back on track. Thanks for your help.
 
Veteran
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Posts: 3664
Posted: #7

I am a mortgage consultant for Wells Fargo. Why let a third party negotiate your debt for you when you can do it yourself? Also, if you sign up for one of these programs, it will be reported on your credit report, regardless what they tell you. See one of our guidelines regarding adverse credit:

counseling within the last seven years.

They put these guidelines out for a reason. These plans will hurt you should you ever look to buy a home. Most programs require you to either buy out of the program (pay off the balance) or be out of the program for at least 12 months.
 
Veteran
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Posted: #8
sorry some of it was cut off but that should have said credit counseling within the last seven years
 
MVP
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Posted: #9
Jesus I am awestruck with Legwand threads. Leg I am going thru this just last light!!. I am going to use careone consolidators. I felt like the girl really knew what she was talking about. I have about 11,000 in CC debt.she says 260 a month will solve everything for 55 months. ONE payments a month and NO calls from CCards or anyone. They do take your cards away but you can always get more. Its a good thing becuase we are currently paying up to 350 a month on minimum payments as it is.

So saving 100 a month right off the bat is like saving 5500 in the next 5 years. BESIDES the all the interest that they negotiate down for you. They do charge 25$ a month which is included. And, supposebly it does not affect your credit score in a negative way.
 
MVP
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Posted: #10
raging please don't do that. You have to understand that these companies are not doing anything that you couldn't do yourself, AND like Sonjaya posted, it does adversely effect your credit.
 
11k in CC debt, do you have other debts? any assets?  Is bankruptcy an option?
 
Captain
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Posted: #11
That is crazy raging. I just called Careone today. I am supposed to talk to a counselor at lunch. The way I see it I already stopped using my cards on my own so no big deal if I cant use them.
 
Legend
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Posted: #12
Leg-
 
If you have a credit union near you , RUN and Talk to them.. like it was mentioned .. they are lending money ... I am talking to mine now about a business loan .
 
Also, how much is your car worth ?
 
If the car is worth  say 10-15 k .. Refi the car at a lower rate ( Car loans are MUCH Less than Credit Cards ) and pay down/off the credit card debt .
 
Banned
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Posted: #13
These debt relief agencies are supposed to help relieve or lessen your debts by negotiating with the creditors.  Why are they doing this?  What's in it for them?
 
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Posted: #14
If you have shitty credit or have no collateral, I don't think a Credit Union will lend you money.
 
Veteran
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Posted: #15
Quote Originally Posted by be easy:

raging please don't do that. You have to understand that these companies are not doing anything that you couldn't do yourself, AND like Sonjaya posted, it does adversely effect your credit.
 
11k in CC debt, do you have other debts? any assets?  Is bankruptcy an option?

Too True.

 
Captain
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Posted: #16
You are saying its better to file for bankruptcy then go through a debt consolidation place? Wouldnt bankruptcy mess your credit up a lot worse and longer then if you did the debt consolidation?
 
Captain
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Posted: #17
Those companies are garbage.  Basically, you have to suck it up and make major lifestyle changes.  No one is going to help you but yourself
 
Captain
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Posted: #18
Quote Originally Posted by ragingstorm:

Jesus I am awestruck with Legwand threads. Leg I am going thru this just last light!!. I am going to use careone consolidators. I felt like the girl really knew what she was talking about. I have about 11,000 in CC debt.she says 260 a month will solve everything for 55 months. ONE payments a month and NO calls from CCards or anyone. They do take your cards away but you can always get more. Its a good thing becuase we are currently paying up to 350 a month on minimum payments as it is.


you are going to be in for a rude awakening brother

So saving 100 a month right off the bat is like saving 5500 in the next 5 years. BESIDES the all the interest that they negotiate down for you. They do charge 25$ a month which is included. And, supposebly it does not affect your credit score in a negative way.
 
Covers Rehab
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Posted: #19
They take your $ , tell you to stop paying your bills and do nothing to help anyone.
 
Banned
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Posted: #20
Legwand, be careful before consider filing for bankruptcy, etc.
 
Some employers do credit checks and they will not hire you if you have that shit on your record.
 
I don't agree with the credit checks, but it's legal for them to do it.
 
Captain
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Posted: #21
I called and got a quote. I am going to give it some thought. It would take me 4 years to pay off my debt. I think I am not going to do it and just keep praying I get a new job soon making some real money so then I can just pay the cards off on my own.
 
Captain
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Posted: #22
A LOT of these places are scams

You sound like a cool dude, and as probably already mentioned, seek a free consultation with a BK attorney... no one is in the business to lend a helping hand, especially in these times
 
All-Star
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Posted: #23
lots of real good advice here. Be careful.....try this guy:
 
 
Captain
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Posted: #24
Many of these places charge you a month's worth of payments and then just take the money you send to them to make your payments for you then keep your money and never make a payment on what you owe.  I would not use any of them, too many crooks out there.  Your credit will take a hit when you use one of these (if, in fact, they pay your bills and don't just cheat you).  It will stay on your credit almost as long as a bankruptcy (if I am not mistaken).  But the odds are is that they will just cheat you.  They use the fact that "we are a non-profit organization, registered with the government" to lure you in.  Plan to lose whatever you pay them plus be another 2-3 months, at least, behind on ALL your bills that you gave them to pay for you.
 
 
Veteran
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Posts: 4079
Posted: #25
you may as well file bankruptcy instead of doing a debt consolidation, basically will fuck up your credit score the same way 
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