Debt consolidation loans- what can I do about all my debt?

Question:

I have maxed out credit cards and they raised my apr due to a mistake in my payment and it was late, usually i'm on time or early with my payments and always pay the minimal. I'm trying so hard to get out of debt but with my apr raised, i feel like i'm drowning in debt. I have read some info on debt consolidation loans vs. other methods, which is best and what can i do? i probably have really bad credit right now due to the max'd out limits and the "penalty pricing" increase in my apr. I would like to find a way to consolidate debt to lower the rate and possibly lower the payments but i don't want to get into a situation that will end up leaving more of a scar on my credit report. Can anyone help me out? where do i go from here?

Answer:
Hi,

First, the only things that effect your credit with regard to your CC's is current balance vs. Limit and payment history-- they have no idea if you are under a 'penalty APR'.

That said, a loan is not always the way to go-- First, its important to have 'revolving debt' and not just installment debt. Second, HISTORY is important, so you dont always want to close accounts if you've had them for more than a year or two-- longevity is important.

Have you called your companies and tried to negotiate? MOst of them work with you! All you have to do is say that you're trying hard to get your CC's under control and you can make X amount each month, what can they do to help you? I've had late fees reversed, APR's cut in half, etc, etc. And if you dont have luck, try again in a day or two-- I noticed some customer service reps try hard to help you and some have "tough luck" mentalities, even tho they both work for hte same company.

Try your best to arrange this first before doing the loan thing. ANd if you DO do the loan thing, consider paying the cards off and slicing them but leaving the accoutns open to help your Credit score-- but only do this if you can resist temptation!

If you can get a consolidation loan from a bank that might be a very good way to go indeed.

But above all, don't let yourself get trapped into any of the debt elimination or debt consolidation scams

Also do not pay anyone to fix you credit for you. It is very easy to do that for yourself and paying to fix your credit will only divert money you should be using to pay down your current debts. If you are going to attempt to fix your credit do it yourself. You will do a better job of it all by yourself.

If you send disputes to the credit bureaus then do not use any of the letters you can find all over the internet. The credit bureaus have seen them all and they will only hurt your efforts.

Just make up your own. It's not hard to do but don't put in any of the legal jargon to be found on the internet. That's not necessary and will only hurt you. Plain and simple is the best.

If done early, you'll get great benefits of a debt consolidation.

Good luck !

hi there! Well, have a cup of coffee, sit down, take a deep breath and get stuck into these:
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!

There is some useful advice here.

I hope this helps you:

Ways to Consolidate Debt
http://www.debt-explained.com/category/w...

Online Debt Consolidation
http://www.complete-debt-info.com/catego...

girl, stop buying things on credit. cancel all your credit cards and start paying it back at once. You will feel better. Remember it is not what you want, it is what you need!

Debt consolidation loans- what can I do about all my debt?

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