Credit Card Debt Consolidation

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Anyone have a good site with a listing of credit card debt consolidation providers?

Best Answer

This one is really good - http://www.creditcarddebt-consolidation.org/ .

I have $10,000 in credit card debt, and found some resourceful information on the blog with some good links, and I am wondering if anyone has some more.

Best Answer

sure dude, here I found tons more. It'll take a month to read it all. http://credit-cards.ebookorama.com http://finance.ebookorama.com

My friend and her husband have a huge credit card debt (42,000) and she recently had to stop working due to a difficult pregnancy. They cannot make their payments any longer. The debt is in her name only and they are considering a credit card debt consolidation company but she is wondering would it affect her husbands credit if she filed it in her name only. Anyone been through this or have advice? Serious answers only please...they are having a really rough time right now.

Best Answer

Okay... here's what's up... you are using the term "debt consolidation" but a consolidation is simply taking the debts you owe and combining into one loan. Unless they can drastically reduce the interest rates to a manageable monthly bill that they can pay off on time, it's no different to owe $42K to one creditor or 15 creditors... the reality is they owe $42K. With that said, I believe you are asking about a debt management company like Consumer Credit Counseling. Yes, she can file her own bills with them but she's going to end up not having the income to repay the debts since she has no income. That's not going to work. There's no reason for hubby to go into a CCCS type of plan if he has no debts. You may be thinking of the kind of company that settles debts with creditors for pennies on the dollar. The problem there is that it's one step shy of bankruptcy according to the credit reports and scores so it's really not going to be of much advantage to owe $20K of the $42K that she cannot pay either. That leaves bankruptcy. That's a last resort option but sometimes people have to do what they have to do and at least they can get a fresh start. The problem with bankruptcy is that being married, it doesn't matter whose name is on a debt because in many states, his bills are hers and her bills are his and even if he doesn't want to file bankrutpcy, he may have no choice is he's pulled in. Also bankruptcy puts your finances in the hands of the court. You do not choose who you pay and not pay. Some people are forced to sell homes and cars and other assets while others can keep such possessions depending on what the court deems to be the best route for the consumer. The real answer to the question isn't really the debt. For some people $42K is 50% of their income and to others $42K is only 10% of income. What's alot to you and I might not really be alot depending on equity in the home or a variety of factors. The debt settlement companies turn you into a deadbeat with the creditors and then THEY make the money that you would have paid to the creditors anyway. What's the advantage there??? The first step might be to call the credit card companies directly and ask what kind of hardship programs they may qualify for. Perhaps they can suspend credit priviledges and payments until she returns to work. They may suggest a program like CCCS. The thing is if her income is zero, that's all she can pay. Give your friends the website or phone #s on the "take the first step" link below to the NFCC.ORG consumer credit agency below and ask what options, pros and cons, are available to your friends. It'll be the best phone call they can make.

A firm that you ve been satisfied with and helped you to eliminate your debt with a competitive rate (i,m florida , miami area)

Best Answer

A bank.

How can I solve my credit card problem? I owe about 50,000 sgd from credit card company. I have bad credit and the banks wants me to pay minimum payment that I cannot afford monthly, or else they will seize my properties. I used to pay about 1,600 monthly, but the debt grows every month due to late payment, lawyer charge, interest etc. How can I get out of this mess, I am planning to borrow from money lender to consolidate the debt and then pay montly at lower interest. Is there such organisation that lends money for debt consolidation in singapore? I have been in contact with overseas money lender that is willing to lend 50,000 at 5% interest PA but I have to pay initial charge at 800. Are they trustworthy? I can hardly make ends meet now. Please help...

Best Answer

eric, citibank offer loans over the net up to $$25k pretty much right away. however with bad credit this is not possible. if you don't have security to offer then private money is about the only option. there are sharks here who will lend at 4% per month. let me know where you are accesing the singapore money from and i'll take a look thru the terms with you. pete