How does this work? Does it work / help? Me and my GF owe a bit of money ( nothing crazy but enough to make it hard right now ) and are exploring our options. I don't really know much about, anyone here done it?
debt consolidation
- Thread starter SupraOfDoom
- Start date
Never go to a debt consolidation place....they'll always reduce your payments, but you'll be paying off WAY more money over a longer period.
Easiest and quickest way to do it, is get either a personal bank loan (any purpose) or a credit card as they have the lowest rates of interest. Pay everything off with the loan and then just pay the loan back. If you have one though, dont forget, only take one out for how much you need, its tempting to get one for £3k more than you need but seriously, dont risk it.
Easiest and quickest way to do it, is get either a personal bank loan (any purpose) or a credit card as they have the lowest rates of interest. Pay everything off with the loan and then just pay the loan back. If you have one though, dont forget, only take one out for how much you need, its tempting to get one for £3k more than you need but seriously, dont risk it.
Your best bet is to try to make arrangements yourself. Call your credit card companies ask to get your rates changed or any concessions they can make, even altering the minimums while you pay off your highest interest card first and asap. If you can get the bank to give you a debt consolidation loan even better.
Most of the companies that charge to consolidate your bills aren't very trustworthy and in some cases dont work in your best interest. There are usually free and public advice/assistance programs in place in most areas that can help.
An old school friend is a debt consolidation lawyer ill ask him for some free and trustworthy links next I talk to him.
Good luck
Most of the companies that charge to consolidate your bills aren't very trustworthy and in some cases dont work in your best interest. There are usually free and public advice/assistance programs in place in most areas that can help.
An old school friend is a debt consolidation lawyer ill ask him for some free and trustworthy links next I talk to him.
Good luck
A lot of the time, your credit card companies have arrangement centers that can arrange payments outside of your monthly payment (if you're behind).. Honestly though, do avoid Debt Collection..Its similar to a "negative amortization" loan.. You make low monthly payments, but they tack on the interest,etc on the back end.. So you end up paying for a whole lot longer then original.. Plus if for some reason, you happen to get a lump sum of money.. They're very very hesitant to let you pay off the debts.. They put you through so many hoops that you just finally say "Forget it".. Also, that money you pay to them, not all of it goes towards your balance.. A lot of the time they have hidden fees like "Monthly membership dues/fee" that unless you read the fine print/break down, you wont notice.. Honestly, its better to talk to your local credit union or bank about Federally Funded debt consolidation.. A lot of these debt consolidation places are given grants by the government, but are privately funded by investors (usually collection agencies and/or the creditors themselves)
(PS... I love Fedor Emanelenko.. he's an amazing fighter.. )
(PS... I love Fedor Emanelenko.. he's an amazing fighter.. )
Get a 2nd job and put that check just to your debt. Avoid any luxury items you may have in your life including gas as its costly until your debt is gone.
I owe about $3000. I am looking for a second job... and I'm pretty sure one my supra's will be gone soon.
First I can say you are very smart to realize you need to be in control of your credit line before it is in control of you.
With your, relatively, low amount of debt you should have no problem. Things you probably already realize; cut frivolous things like cable tv, magazine subscriptions, gym member ship, don't eat out every meal or even every day. Next make as much over the minimum payment you can muster. You can pay it off.
With your, relatively, low amount of debt you should have no problem. Things you probably already realize; cut frivolous things like cable tv, magazine subscriptions, gym member ship, don't eat out every meal or even every day. Next make as much over the minimum payment you can muster. You can pay it off.
3k isn't much.
but like the rest said best to stay on top of things.
first thing i would do, is figure out your gross income.
i found if i paid 135 to each card i had, i would be debt free in 6 months.
so long as i took care of the small balences first then took the left over money and used it for other bills.
long story short, i found if i paid just under 700 a month, it would be clear in 6 months.
but like the rest said best to stay on top of things.
first thing i would do, is figure out your gross income.
i found if i paid 135 to each card i had, i would be debt free in 6 months.
so long as i took care of the small balences first then took the left over money and used it for other bills.
long story short, i found if i paid just under 700 a month, it would be clear in 6 months.