Waine
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hello, you got some replies but here's some great reading, might take you a while though:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you! |
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summerbabe20_1980
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I am currently in a debt consolidation. I highly recommend it over bankruptcy. The people contact your creditors and make an agreement on a lower interest rate and sometimes a settlement amount. Then, once a month the consolition people draft your checking account and pay the creditors the agreed upon amount. If you call them, they can give you an idea of what kind of payments you will have. Be careful though, I have heard that some of them are not legitimate. I used DCC (debt consolidation corporation I believe is what it stands for). Usually, they have you out of debt within 2 1/2 years but it is only your unsecured debt. |
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clkwrkcris
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I have credit counseling and my father used bankrupsy-with the new laws these days you are much safer using debt consolidation. It costs more than $1000 dollars to declare backrupsy and then you have to sell everything you own first. You can't even put it in a loved one's name. Pay the bills bit by bit at low interest rates (usually under 10% except for Discover-they are asses) Once you get started you'll be out of debt in 5 years or so and less if you save money. Also if you have a problem spending like me consider talking to a doctor about compulsive spending-they are meds for it |
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zacey
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always pay your bills, that is the honest thing to do. You made the debt, you should pay it, that is the right thing to do. Going to debt consolidation works, but you pay them monthly fees to pay your creditors, be careful, seek them out first. |
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robert w
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Debt CON-solidation is only a change in symptoms not in cause. If you don't change your thinking and actions you will end up it the same place.
Get a second job turn off TV earn your freedom.
visit www.daveramsey.com to change your money life. |
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stopccdebt
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Debt consolidation can be done through a loan. If you are considering bankruptcy, then it sounds like a loan might be out of the question.
Debt settlement is not the same thing as consolidation. If you are considering settlement, make sure that you factor in all the costs. If you use a company to settle, then you must pay set up fees, monthly fees, a percentage of the "savings" and then you must pay taxes on any forgiven debt. Any forgiven debt over $600 is automatically reported to the IRS.
Credit counseling can benefit you by helping to look at all options. There is frequently no fee for an initial consultation. If a debt management plan is in order, then you can repay your debt over time and usually with a lower consolidated payment. |
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Studly
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You can't really recommend either until you can examine each person's situation.
Example: Family owns home and car, has $30k in credit card debt and husband loses job. Gets a job that now pays 1/2 of what he was getting. How in the world is consolidation going to help this guy out? He still doesn't make enough money to cover both the mortgage and his consolidation payment. Good Chapter 13 case.
Example: Family owns home and car, has $10k in credit card debt. After budgeting he's always a little behind on payments. Consolidation may work in this case. I would prefer to see them do it on their own without paying a company to do it. Maybe even a home equity loan.
Example 3: Family rents. $10k in Credit card debt, owns car. Sudden medical emergency adds $20 in debt, and they can't keep up with all the payments. Chapter 7 is perfect here.
From what I've seen, debt consolidation companies do not save you a great deal, and most of those savings are lost once you pay the company.
Most of the things these companies offer, you can do yourself.
But note that when using a debt agency, it does appear on your credit report. It doesn't look as bad as a bankruptcy, but it's still going to have a negative impact. |
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davidjemeyson
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Debt consolidation works great and usually lowers your total out flow of payment amount. Try to avoid bankruptcy, especially with the new laws that have passed. |
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Wizzerd
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There's not much difference anymore, you will have to pay for it either way now. I would opt for bankruptcy take care of it up front instead of over 3-5 years. |
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sallypointer
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This is a better option
http://www.quazen.com/Home/Personal-Finance/Managing-your-Debts,-a-common-sense-approach.525 |
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jititi j
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1) Consolidate your debts 2) File bankruptcy (bankruptcy is not advised for all cases)
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/How-to-Avoid-Bankruptcy-Explained.html
Credit Counseling Programs
http://www.complete-debt-info.com/category/Credit-Counseling-Programs.html |
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oilman11977
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Bankruptcy should be your very last option. This site explains debt consolidation in great detail. |
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otherwisefallen
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I know you need to be careful how you go about the debt consolidation. A lot of companies will mark your credit report stating that you are in a credit restoration process, which some banks consider just as bad as bankruptcy. |
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business creature
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Ok its like this consolidating debt and bankruptcy or bolth bad. Let me explain if you own a home and or want to buy one it wont be for awhile for refanancing or buying because your fico will be so low. If you own a home I would consider refinancing and consolidating credit that way because it will have the most positive effect on your credit. If your having trouble refinancing let me help. email banconeroman2@yahoo.com ill costom tailer your loan for your benificial needs. |
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