Debt consolidation?
Question:
Answer:
yes there is, you can check at any bank for one loan to consolidate all your loans together..or even credit card companies will do that, but just beware! i have done that twice in my life, and also close friends of mine that have consolidated loans just start all over again and rack up new cards, loans and then they are doubly in debt. you have to be so dedicated and have so much willpower not to do the same thing again and pay off that one loan. not too many people are that strong.
Be sure to research consolidation companies well. Some claim to "lower your rates..blah blah". I have found that some companies will pay a very, very low portion of each bill. (mean while your credit is going down) and they are keeping a majority of the money you are paying for a fee for like 6 months, then they start paying more to your bills. Ask them first about how the fees are handled and exactly how much of your payment actually goes to pay your bills. I was going to do that until I found that out because I have a secured loan that uses a car title for collateral and they said, "oh, that wouldn't be good, because they might take your car away".
Do your homework. :) Best of luck!
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
You should opt for debt consolidation. When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress.
I would suggest you to join a debt settlement company who will negotiate with your creditors and brings down your principal debt amount by 30% to 70% depending on your credit companies.
You can make affordable monthly payments and be debt free within 3-36 months. There are no hidden costs and upfront fees associated with the monthly payment options.
Check out this debt settlement company who has helped me out with the unsecured debt situation.
http://www.debtfreeafterall.com...
Good Luck
It sounds like you need help from a credit counseler. There's a website here which exxplains what this involves. You should be able to find someone who can advise you about debt consolidation, or debt settlement, depending on your circumstances. I hope this helps.
Good luck!
More Related Questions & Answers...