Suggest a good credit/debt consolidation company for me?
Question:
Answer:
How about I recommend something much better?
Credit repair. Debt consilidation and credit counseling can KILL your credit. CREDIT REPAIR IS THE ANSWER! :)
Improve your credit, improve your life:
I was thinking about consolidation then I found out about setting up payoff plans with my Cards.
Basically they turn off your account, lock you into monthly, automatic payments, and.. drop your APR to as low as... wait for it. wait for it... 0%!!
I had cards that wanted $250 monthly payments and since I'm so bad at just making the payment I would always get late payment charges so my APR was so outrageously high, I don't even want to know how high it is. Now it's 0%
example...
The last card I did this with called me about 5 days ago to get my payment which was 2 months behind so they wanted about $280.
I asked to set up a payoff plan.
They asked how much I wanted to pay a month.
$100 I say.
She clicks away on her computer and says that now I'll be paid off in 2 years and 8 months with 9% interest.
I said that my other card was giving me 0% interest, can I get the same?
She checks her computer and says yes.
This actually decreased my pay off time by 2 months!
All I have to do is make sure I have that $100 at the time of month I specified in my checking account and they take the payment automatically . They set up 1 year at a time. Then they call you in 11 months I guess to set up the next year.
This is saving me a huge amount of money in interest rates and late fees. Plus the cards are turned off so nothing can ever be added to them again.
Make sure that if they ask you any questions that you exaggerate your earnings and spending. I added a bit to how much money I make and subtracted a bit from how much rent I pay. They want to see that you have enough income to pay your debt and if you don't make enough, you won't qualify for some insane reason.
debt consolidation places basically do the same thing but I don't know if they can get you down to 0%. PLUS they charge you money one way or another.
I only wish I would have figured this out earlier.
If refused by your bank, you may try to go with a major company : Citi Finanial, Bank or America...
Good luck !
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