| Is debt consolidation necessary? |
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lynda
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| Is debt consolidation necessary? |
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Hi everyone,
I am in multipe debts , is debt consolidation neccesary for me...? Plz suggest me on dis...
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Tue Nov 02, 2010 12:32 pm |
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coaster
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Please provide the details; your question is too general.
~Tim~
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Tue Nov 02, 2010 3:23 pm |
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CaliChristian
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lynda,
You should look into credit counseling. They help you get out of debt fast by providing you services tailored to your needs. They have deals with pretty much every bank, and can get your low % interest so that the money you are paying is going toward your debt, not to interest.
Non-Profit credit counseling. Over 20 years experience, we have helped over 200,000 families and individuals become debt free.
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Thu Nov 04, 2010 10:50 pm |
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thedigger
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My answer is yes. You should take help of debt consolidation as you have multiple debt
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Fri Nov 12, 2010 9:20 am |
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patcfarr
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Hey Lynda thanks for your question. I think debt consolidation may be a good thing in your case. Interest rates can really pile up fast. Go seek some credit counseling to bring it down. I was 8,000 in debt and got it down to 5,000 with the right help. Good luck! Make sure you jump on this now so you don't hurt your credit score.
Best,
Pat
Best,
Pat Farrell
www.thescienceofgettingrichprgram.org
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Wed Nov 24, 2010 4:06 am |
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financeculture
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Well i say many people have misconceptions about debt consolidation. They think credit card debt consolidation or dept relief is the solution to their financial troubles, but it is not a magic cure. Financial recovery is long, difficult and often treacherous.
The concept behind credit card debt consolidation is to put several debts into one account. Instead of making multiple payments each month, you make a single payment. The amount of debt may stay the same and the term of the loan may be longer.
Bottom line is that its up to you how you can manage this problem
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Fri Nov 26, 2010 10:23 am |
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Motsy
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There are pluses and minuses to it. It can be a great way to pay off multiple debts, but only if you already have a majority of the funds and a clear repayment plan in place.
The dark side to debt consolidation is it takes much longer to pay than if the debts were separate, especially if you tie the debt to your mortgage, which most people do.
Hope this helps!
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Wed Dec 08, 2010 7:26 pm |
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iwillguide
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| debt help |
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if you have debt of more then 10k dollar and your situation is really bad to pay debts then debt consolidation program or agency can be very helpful.
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Thu Dec 09, 2010 7:30 am |
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Rebecca Hall
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| Debt consolidation program means... |
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I don't know what is Debt consolidation program means...is there any body to explain...
Thanks,
Rebecca Hall
www.valoanaustin.com
(VA Home Loans Austin, VA Home Mortgage Loan Austin, VA Refinance Loans Austin)
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Thu Dec 09, 2010 11:02 am |
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financialculture
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Hi
According to me the concept behind debt consolidation is to put several debts into one account. Instead of making multiple payments each month, you make a single payment. The amount of debt may stay the same and the term of the loan may be longer.
Thanks
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Wed Dec 15, 2010 12:09 pm |
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Franziska
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Debt consolidation is important. Here are some benefits of it:
-Rate reduction: You can reduce the interest rate on your bills and debts through negotiation with creditors.
-Debt repayment plan: You'll get a debt repayment plan from your creditors or collection agencies.
-Single monthly payment: Consolidation program requires you to make a single monthly payment towards your bills and debts.
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Tue Dec 21, 2010 5:41 pm |
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Tabone
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It ay be a good idea for some people, but, should you choose to go this route, go with a non-profit debt counseling service that does not extract huge fees for their services.
Many of the offers you hear that offer to reduce you payments and debt by 60% are scams. The companies claim to have made arrangements with the companies you owe money to, and then tell you to stop paying them.
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Sat Jan 22, 2011 9:10 am |
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AtoZ
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I would start with some credit counseling service to determine how bad your situation might be. If consolidation techniques are needed then proceed.
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Sat Jan 22, 2011 12:44 pm |
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marketeye
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| Re: Is debt consolidation necessary? |
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Although debt consolidation can make your payments more manageable as you only get to pay a single creditor and at a lower interest rate, the loan will be secured against your house or car. You have to make sure you can fully commit to meeting the payments as you could risk losing your property for collateral.
http://securemortgages.co.za
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Thu Feb 03, 2011 8:05 pm |
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