Black Aliss asked:


10000$ to consolidate 7000 in debt, the going interest rate is 7.5 % we are currently paying between 13%-23% on the cards
the remaining three thousand will go torward minor home improvements & maintanenece (new paint, gardening supplies etc) We are currently living on one income, i will return to work when my toddler goes to school in 2 yrs. My minimum payments on three cards all tolled is 250$ per month while the home equity loan is 65$ per month & that is principle & interest
my fico score (experian) is 704. I dont know my median score, as i get a free credit analysis with my WAMU visa but i get experian only…

Virginia

rz asked:


We have about 25k in credit card debt from a self funded home remodel. We did the remodel a year ago (having no debt) now we realized it was dumb to put some much on the credit cards rather than going a lot slower and paying mostly cash for everything. Now we have like 7 credit cards and it’s really overwhelming to manage them all.

Should we try to get a credit limit increase and try to consolidate all our debt on one card? I know we should just try to pay off one card at a time but all our income is paying off these diff. cards at diff. times. We can make the payments it’s just that our money is low once we’ve paid everything and then another bill come around. What’s the best thing for us to do as far as our credit, bank account and sanity!? No condemning answers, only helpful advise.
also how much do debt consolidation co’s charge?

Raul

Tia asked:


I have maxed one of my credit cards ($2000). I work full time so I can pay it back over time, but the thought of having that debt on my credit card scares me a little. The minimum payments are $25 a month, but I pay more than that. I also have a car loan and was wondering if maybe I could take out a personal loan, consolidate both and pay one repayment a week. What advice do you have for me?

Norma

Michael Belong asked:


I just got chaptered out of the Army and I lost everything before I left for the Army. My car has no insurance, I have no place to live, and I need to take out a loan to consolidate my current debts so they do not get behind, as well as to help get me started again, till I get a job back.

What can I do?

Shirley

hugger asked:


I filed bankrupcy over 11 years ago. I want to consolidate my current debts. Can I do this myself without a lawyer?

Andre

poker_fan_in_nyc asked:


I heard an ad for CredEx America Inc. and I am thinking of consolidating four of my accounts with them…I just wanted to hear people’s opinion on the company:

CredEx America Inc.
791 Park of Commerce Blvd.
Suite 600
Boca Raton, FL 33487

I already called and spoke to someone…just wanted to get people’s opinion who actually used them…

Is this true: if I consolidate it might harm my credit rating? I wasn’t aware of that…

Mike

tony asked:


has anyone use this company for debt solution to reduce or consolidate their bills, did it worked for the better or worse .

Cody

wounded healer asked:


I filed bankruptcy less than a yrs ago. The kind were your debt is consolidated and I have one monthly payment to a trustee. I am paying a large amt of rent and am wanted to turn that large rent payment into a house payment. Is there any legal ramifications to buying a home if you’ve just filed bankruptcy? I don’t want to continue throwing $ away renting.

Floyd

Mark asked:


Okay, I’m 21 with 13,800 dollars in credit card debt. I have NO idea how it happened, I never planned for it to happen but it just did. I’m not behind on anything, at all. I have a full-time job making about 32,000 a year, but I just need advice. Should I consolidate all the debt onto one card? I have a card with a 38,000 dollar limit that has a 0 balance and a 2.9% for life transfer offer. Should I move all my debt onto this card? I have about 6 credit card payments to make each month, and its just getting out of control. Some of the debt isn’t “Mine” and about 5,000 of it will be paid around tax time, but I just don’t know what to do for now. I owe:
Capital One: 1,700@ 1.99% fixed for life
CitiCards: 1,200@ 0.00% until 8/2009
FifthThird: 900@ 0.00% until Nov. 2009
Chase: 1,600@ 7.24(v)
HSBC: 2,750@ 0.00% until October 2009
CitiCards: 2000@2.9% until May 2010
Chase: 1,960@ 3.99% for life
WaMu: 775.00@ 0.00% until July 2009

Which ones should I consolidate?! I have some offers for 5.99% for life with a Chase Card of mine with a large limit. Any ideas? And-don’t worry, I’ve cut them up already…I was just trying to get through college and 6 months with no job….Thanks for your help. It’s not completely out of control, I can afford the payments and I generally know how to play the credit card game as far as moving balances to 0% offers etc. and i’ve NEVER missed a payment on any, thus the incredibly large limits for someone my age (why, WHY is it so easy?!)
I just want to know what the easiest way to tackle this debt is. Should I consolidate them together? Keep them the way they are? There has to be a more manageable way to handle this…it just seems crazy making SO many payments each month….

Joan

Ten Years Gone asked:


My wife and I both have substantial student loans. However, I consolidated mine at 3.5%, but her’s were consolidated at 8.25%.

Just to pay her interest is $700/month. My payment is $300, with 1/3 currently going to principle. We also have about $8,000 on credit cards at 10% interest.

Our combined income is about $100,000 annually. Right now, I pay the $350 on my loan each month, and about $1,200 on hers. At that rate, her loan should be paid off in around 8 years.

I just feel like I may need to rethink this approach, as it seems like we make a lot of money, but are not getting anywhere fast against our debt.

Oh, we also have about 75G’s in our 401Ks and put away 10% of our salary. We’re early 30’s. Any thoughts on how to reduce this debt more quickly? Some days it feels like we’d be better off defaulting and going to work at MacDonalds…lol
Thanks to everyone for taking the time to provide such great information. Looks like the theme is to pay off the highest interest debt first, while reducing montly expenses.

I am going to stop overpaying my wife’s loan until the credit card debt is gone. Also, I think it’s time to track just how much money we spend on food and drink each month! Time to bite the bullet.

Oh yeah….wish I could reconsolidate her loan, but that will take an act of Congress. Not really fair that you can refi your house but not your student loans.

Josephine