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Umm ... |
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jjtrueone | I have gotten myself into debt. Where is the best place to go and get it cleared. Consolidation or Bankruptcy? |
i just got into credit cards, bought a house and vehicle. i just would like to find someone who maybe been through it or knows where to point me. thanks jaime. berlin wisconsin |
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Sandy
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Try to avoid bankruptcy. You have to declare that in job applications in future and it doesn't look good. Try to get your creditors to hold back suing you and agree to an instalment payment to clear the debt. You may have to take on a 2nd job to do that and in the meantime don't incur any more debts. If necessary sell the car. |
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gomanyes562
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Yes, try to avoid bankruptcy except if absolutely necessary. Your first order of business is to stop whatever it is that got you into debt: excessive spending, temptations, or whatever. Once you have that taken care of, you can consolidate what you still owe and set a repayment schedule. At any step of the way, if you need help or think you aren't progressing, consult a local credit counseling agency. Good luck =) |
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?
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Consolidation is best as you can get a low interest loan to cover it depending if your bank will allow for a high ratio loan. If you have a good work history and credit rating already they'd probably give you a debt consolidation loan or mortgage. No harm in asking. I think bankruptcy does more harm than good. |
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scout485
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Go to a local consumer credit counseling agency, not one of those online credit consolidation scams. The consumer credit counseling people are well trained and can advise you best on how to handle your financial recovery. Bankruptcy is much more difficult today than just a year ago due to new laws so that is an option that is not nearly as likely as once thought.
See the consumer credit counseling agency before going to any commercial bank or loan or mortgage concern; they are out to make money for them first, your well being is not their concern despite what they may say. |
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dolly blaine
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Bad credit debt consolidation loans are of two types:
1. Secured bad credit debt consolidation loans:
These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long.
2. Unsecured bad credit debt consolidation loans:
Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history. Read more about it at: http://www.credit-card-gallery.com/article/198,Get_over_bad_credit_problems_with_bad_credit_debt_consolidation_loans |
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june e
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Opt for a debt consolidation loan: 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. |
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Nicholesta
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Bankruptcy is a last resort. Consolidation depends on some factors. What does the lender want as security for the debt?
Credit card debt is called unsecured which means that your home or property is not attached to the debt. The creditor can attempt to collect in court mostly by attaching your wages or garnishment. You should be very careful about changing unsecured debt into secured because if you fail to pay secured debt you can lose property. The second consideration for consolidation is the interest rate and whether or not it can change.
Before you do anything you should make a budget and see if you can pay your current debts. Second you should stop using credit completely. You can contact your creditors and in many cases they will reduce your interest. Make an attempt to pay your debt if at all possible. |
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jamesPurple
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Hi Jaime,
Consolidation is better than bankruptcy. Maybe you can use your house to refinance. Try to find a co-signer, it will reduce your rate. Your bank is the first place to go.
Good luck ! |
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