slightly confused with life asked:
I have 3 credit cards: on one, I have almost 4,000 in debt on; the 2nd, I owe over $4,000; and on the 3rd, just over $1,000. I make my payments on time, and I pay higher than the minimum on two of them. However, between those credit cards, rent, car insurance, car payments, student loans, and everyday living expenses, it still feels like I’m not getting anywhere. I don’t have a second job, although I’m currently looking. Therefore, I’m thinking of using a debt consolidation program. I would probably use it for two of my credit cards, and keep one for emergencies, especially since that card is connected to my bank account(overdraft protection). Would this be a viable, practical option for me?
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I have 3 credit cards: on one, I have almost 4,000 in debt on; the 2nd, I owe over $4,000; and on the 3rd, just over $1,000. I make my payments on time, and I pay higher than the minimum on two of them. However, between those credit cards, rent, car insurance, car payments, student loans, and everyday living expenses, it still feels like I’m not getting anywhere. I don’t have a second job, although I’m currently looking. Therefore, I’m thinking of using a debt consolidation program. I would probably use it for two of my credit cards, and keep one for emergencies, especially since that card is connected to my bank account(overdraft protection). Would this be a viable, practical option for me?
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Help for housing debt
i don’t really know but you can take the risk.
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If you have a good credit rating you should be receiving offers from credit card companies for balance transfers. This can work to consolidate bills. The trick is not to get into one that only has a six month or one year limit on the low interest rate. Look for one that will give you all the time you need to pay off the balance. There is a charge to transfer balances usually three percent max. Your payment will be lower than the individual accounts accrue and will go down as you pay down the balance. The other trick is NOT to use this account for ANY new purchases, it defeats the purpose getting the lower interest. Good luck.
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What are calling debt consolidation?
1. A big loan to pay off the credit cards — bad idea to shift debt to new loan. Folks tend to run the credit cards back up and have that big loan payment too.
2. Company promising to settle credit cards for less than full balance — they will take your money, let all your accounts go 90 past due then offer lowball settlements. Not only will this trash your credit, most credit card companies will just sue.
3. Credit counseling — check here for one near your: . These are legit, non-profit companies who can look at your finances and advise you how to proceed. They have debt management programs available if you qualify.
However, I think you should probably just make a very strict budget and take every penny you can squeeze out of that budget and put it on the highest interest rate credit card while making minimum payment onthe 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 — gargage sale, collect alum cans, get a second job. Throw it all at the credit card debt.
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yes,
The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Real Debt Help
Best way is to get a loan to pay it all off but make sure the interests are low and FIXED and LOWER than what you pay now, that’s it.
Once you get that, do get a second job, and I mean anything.