Debt Consolidation?
I have about 4,000 dollars in debt over personal loans, medical, school, ect. I was wondering what’s the best website or company to use when trying to get rid of my debt. Help please!
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stopccdebt said,
May 14, 2010 @ 3:57 am
Don’t consolidate school loans or medical bills. You can never ever get better terms. In addition, these types of debts are not penalized very heavily on your credit report. If you consolidate them into some other type of loan, then it looks like you overspent.
Pravda said,
May 14, 2010 @ 4:24 am
Everything you need to repair your credit is at
http://www.thecreditrepairmanual.com
just jen said,
May 14, 2010 @ 4:57 am
Student Loans, Medical Bills should have low APR’s unless you have defaulted on them at anytime. If you have Student loans through the gov’t and you are defaulting on them you will ruin your credit for 7 years, the gov’t doesn’t turn a happy cheek as well as a credit card company would.
But if you have taken out personal loans and defaulted on them and need something to get you out of default it is probably too late. Contact your creditors and set up a payment plan with them. Let them know you want to pay them and see what you can work out with them.
If you are not in default on any loans (good for you) and you have a personal financial institution (primary checking account) contact them and let them know your situation and they may help you out. Just keep in mind the rates will be 12-18% APR on the debt.
Personally review your loans and see which has the highest APR and pay it off first and work your way down.
Becareful of any site that says they can erase your debt, they can’t it is a scam.
Here is a great site for more answers: http://www.ftc.gov/bcp/conline/pubs/credit/kneedeep.htm
good luck.
june e said,
May 14, 2010 @ 5:22 am
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Use unsecured loans: If the equity in your home is not adequate or you do not own a home, go for an unsecured personal loan. These loans are more difficult to get, but once you are approved, you will benefit from the lower rate of interest with this type of consolidation loan.