Is getting a debt consolidation loan good to do, and what bank is the best to apply too.?
Question:
Answer:
Well, borrowing hasn't worked so well for you so far. Why consolidate?
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You proabbly need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follwo it carefully.
Go check out Dave's website as well.
www.daveramsey.com
Unless you are a home owner, the bank will not consider doing a consolidation which is going to be a re fi.
Debt consolidation companies are all scams. They rip you off to consolidate.
Start an automatic payment and start snow balling payments to pay off your debt.
Start a business plan to make sure you stay on target, too.
I agree with Rick. Dave Ramsey has a program for getting out of debt and back on track. Debt consolidation is throwing good money away.
Go to his web site www.daveramsey.com or go to Barns and Nobel and look for his book.
You must first start with where does your money go?
Make a budget and trim the fat.
Next list the bills smallest to largest. Now concentrate any extra money you can into the first bill. Once paid, used this money totally in addition to the money you put for the second bill. And continue. It does work. I've done it all my life before I heard of Ramsey.
But if credit cards are you problem, stop using them, and pay them off. Use cash to buy stuff you need, and stop buying things you want---at least for the time being.
Try visit "http://www.debtsawareness.com" . It's a portal to understand about debts, loans and bankruptcy. It may helps.
Not a bank! There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh...
why borrow money to pay debt -- you will still own the same amount plus any fees the new loan might cost -- and being human -- what is to keep you from running up more bill on the cards you pay off--- my fried -- the answer is to downsize -- cell phone interent cable tv and maybe even the phone in your home has to go -- eat peanut butter and jelly -- walk or take public transportaion -- and put all this toward you debt and you will sleep better at night!
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