Consolidate Credit Card Debt

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I have racked up about $10,000 in credit card debt stemming from college and medical expenses. What is my best option as I am still a student and working with a very limited budget? Are there hidden catches to debt consolidation companies; if so what? What is the best way to negotiate with creditors to lower the debt?

Best Answer

i say do it your self -- down size your life style to the bare bones and only buy what you need now what you want -- than take the credit cards and start paying they down with each getting the required payment and the highest interest receiving any money that is left over from your new life style!!!

so i watch couple of commercials about consolidate credit card, lower interest , etc ..etc... anyone experienced this? the pros and cons? does it effect my credit score? greatly appreciated

Best Answer

What type of debt consolidation are you looking for? What is your overall goal with your credit and finances? If you are a homeowner then you can refinance your home to pay off debt or take cash out. If you are not a homeowner then there are companies that will give you a loan to pay off all of your credit cards, then you will only have one payment. Also, you could just get a signature loan and pay off all of your credit cards yourself. Managing your finances can become easier if you have a plan to achieve your ultimate goal. I know that credit and bills are difficult to manage. The best thing to do is pay off all credit card debt and pay cash for your day to day expenses. Credit cards should only be used as a last resort, unless you like making the credit card companies rich. Getting a home loan is different beucase the house goes up in value over time. Getting loans to buy cars and using credit cards for daily expenses is not wise in the short term and very dangerous in the long term.

Does anyone know of any sites or companys that consolidate credit debt and to help me thru it? I didn't take care of my credit to much in the past and now they call me everyday mon-sunday Thanks

Best Answer

You are not alone. This site has excellent info and may help

I have two credit cards that have about $8,000 in debt between them. I am serious about paying them both off, and pretty much will go as far as starving to get it done. It would just be so much cheaper and easier if this was one bill instead of two. I have played the balance transfer game, but at this point it seems like adding another bill would be more problematic than consolidating. I just don't know how to do it or who to trust. Is there any downside to consolidation?

Best Answer

By using services from a debt relief organization you will stop receiving phone calls asking you for money. You will pay a fixed rate amount every month which will never go up. You won't be dealing with your creditors any more. The "debt relief people" will be paying your bills for you, and your credit card company is out. You then pay the debt relief company. lots more here: http://finance.ebookorama.com http://credit.ebookorama.com http://credit-repair.ebookorama.com http://credit-cards.ebookorama.com good luck!

If I do not have a perfect credit score and I am past due in some credit cards what is the best company to consolidate debt with so I can make one payment?

Best Answer

hi, these links sometimes do seem to help people in trouble, hope there's something in there that helps you out! http://credit-cards.ebookorama.com http://finance.ebookorama.com http://credit.ebookorama.com http://credit-repair.ebookorama.com good luck.