Debt consolidation?

Question:

Here's my situation. I have about $10,000 in credit card debt, $80,000 mortgage on house, $17,000 auto loan. Not too bad except all my credit cards are at the default rate due to late payment or "early" payment. I'm wondering if I should get a consolidation loan for just my credit card debt. Where should I look for this type of loan and would it be wise to get a loan for this? Would I be better off getting a debt loan for all my debts including house and cars? I'm just looking to get these paid off asap cuz the rates are a killer. Any help would be greatly appreciated.

Answer:
They will negotiate lower payments with your creditors which may relieve some monthly pain but it will trash your credit score because the lower payments are a violation of the creditors original terms with you.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.

www.cccservices.com/
They will give you the best answer for you and it's free. Best thing we ever did.

If you have equity on your property at all, you could refinance your mortgage and take cash out.

Depending on how much your home is worth, I would suggest a home equity loan. You must pay off all the credit card debt because the interest rates on those are just too high. Also the credit card debt is affecting your credit rating. Once they are paid up you will see your rating get better and you will be offered better interest rates.

What my husband and I did was to get a line of credit at the bank. The interest rates are at least half of what the credit card interest rate is and you can set up monthly payment plans with the bank or pay it off at your own pace. You get a certain amount of credit so if you are in need of money, you can also take from the line of credit as well. If you do this though, cut up your credit cards! You don't want to end up maxing out your credit cards again!

I am not sure how you managed to do that
but here are some links which seem to help people in debt:
http://credit-cards.ebookorama.com...
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com...
good luck!

A great place to start would be at Prosper.com. I'll even sponsor your loan in my group! I've consolidated my credit cards and went from paying as much as 30% interest to 15%. It really saved me a lot of time, stamps, and interest rate fees.

http://www.prosper.com/public/groups/gro...

try to go to http://www.hotloansources.com they provide free resources and free tips on all types of loans and consolidation

If you have equity in your house then the best answer might be to simply refinance your mortgage. There are many schemes that will let you do this and it will pay you to shop around. There's a lot of information which you might find useful on this website.

Good luck!

Debt consolidation?

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