Debt Consolidation?
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Answer:
It may be difficult to provide you with a more detailed answer based on the limited info given. Normally, you would shop around for lower rates at a financial institution, take out a loan for the total balance due on all your higher interest rate loans, and be left with one payment with a lower interest rate. In a sense, you would be saving money as compared to your current situation, but any interest rate charged for a loan is a cost.
"Nothing in life is free ;-) "
You might wish to contact a credit counselor. Getting your debt and finances in order is exactly what they are trained to do.
Some have a fee, but some do not charge, or only charge a small amount. Make sure that you find a local agency that has a satisfactory rating with the Better Business Bureau.
It depends on how bad you are now.
Consolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.
A credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.
However, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.
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good luck!
Prosper is a great way to consolidate debt. I used it and now I'm paying off my credit card bills faster and without late payment fees. If you want a quick and easy way to lower your interest rates you've found it.
Please join my prosper group too!
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
The best way to consolidate debt might be to go to your bank. They may be willing to offer you a loan so that you can pay off all your credit cards etc then pay the bank back a regular sum each month. I did this and I was amazed that they said yes!
If you (or the bank) don't want to do this, you might find some suggestions on this website. Good luck!
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