Need Debt Consolodiation Advice
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Post subject: HELP
Paula Graziano
Date: 10/16/2000 11:05 pm CDT
The long and the short of it my husband left many years ago and left me in so much debt it took me 8 years to bail my self out. I said I would never do that again and kept to my own agreement until about two years ago now I have about $13,000.00 worth of credit card debt. I am 62 years old working full time make about $45,000.00 per year and I do not own a home. I have a excelent credit rating, with the exception I co signed for one of my children and they were late over 30 days. This debt a car has been paid and my daughter states they cleaned up the record.
Is there any way I can consolidate all this credit card debt into one loan?
Paula
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BLE103
Date: 10/17/2000 7:17 am CDT
Well that all depends on what your credit card interest rates are.How long ago was this 30 day late with your children that you co-sined for?The average interest rate on a signature loan are around 15% some alittle lower,and some alittle higher.Each lender has their own set credit standards so i couldn't tell you what rate that you would get if you quailfy for a loan.If you are paying more then 19.99% A.P.R. this this would be a good option for you.If that 30 date late is aleast two years old then you stand a chance on getting approved.Credit unions are more reasonable on interest rates then your regular banks.Also stay away from finance companies.These people are loan sharks.There are others on this board that may have more information for you.Hope this helps you.
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Ira Stoller
Date: 10/17/2000 3:01 pm CDT
Paula, $13,000.00 is a mere drop in the bucket. I myself was up around $40,000.00 in credit card debt about 8-9 years ago. At the time I was making less than you are now. What I did was to cut down my credit purchases to bare essentials. I then obtained a bunch of new credit cards that offered extremely low promotional rates on balance transfers. At the time, several offered anywhere from 0% interest for six months up to 3.9% My average finance rate was under 5%. You can still do this. Whether you transfer your entire balance to one card or spread it around amongst several low rate cards doesn't really matter. You still end up paying the same thing. Look around on this board and you'll find announcements of several low interest offers. Do this and pay off as much as you can as fast as you can and you'll find the process relatively painless.
Oh yes, for your own peace of mind, reward yourself when you hit certain milestones. For instance, treat yourself to a great dinner or a new dress when you get down into four figure territory. Do it again when you get to $5,000.00, and have a REAL blowout when you make the last payment. I kid you not, this is real important. It makes your achievements seem very meaningful.
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tim
Date: 10/20/2000 0:30 am CDT
Don't get another loan. You are making more debt for your children with another loan.
In 10 years you will have reached average life expectancy and if you do own property, it will be used to pay off your loans if something happens to you.
You make good money, live more frugally.Get a cheaper apartment or a roomate.Sell your car and use public transportation. Liquidate your assest like jewelry and electronic. Sell anything in your hose that is extra or just sitting around. Give cards for Christmas instead of gifts.
Bottom line,if you can't pay now and get a loan will you fall right back into missing payments?
You have your answer based on your own expriences.
For now ,invest in life and health insurance and not in credit.
Learn how to live with less then more and you are on your way.
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Ira Stoller
Date: 10/23/2000 5:03 pm CDT
Tim,
You & I have a fundamental disagreement. I do not think that just because a person has run up a debt they must relegate themselves to wearing sack cloth & ashes, living like a hermit, eating small meals, and never again using a credit card. There are less stressful ways to get out of debt as outlined by many people on this board. Do not assume that other people's life styles can be radically changed as easily as you state. For instance, some people must drive their cars in order to make a living. Public transportation is not a viable option in many areas of the country. Where I live I would have to walk close to a mile to get to inadequate bus service. I would have to actually leave my job early (my boss would love that!)in order to catch the last bus home. Be aware that it costs a lot of money to move. Cheaper apartments or houses may actually cost more money than they save. Setting up a new dwelling always costs more than you think.
Learning to deal with payments is a part of getting out of debt and staying out of debt. When I finally got my credit card debt under control and was actively dealing with it, it was actually fun to make the payments. I had gotten the interest rates so low that 99% of my payments were principle rather than interest, and with the cash rebates I was getting from the card issuers, I was actually making money by using credit cards. I made it a game to shuffle my debt around from one low interest promo rate card to another.
Will your methodology work? Sure it will! But I still maintain that you catch more flies with honey than with vinegar.
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tim
Date: 10/27/2000 0:17 am CDT
Good job Ira. Great writing.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Ira Stoller
Date: 10/27/2000 4:06 pm CDT
Thanks.
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posted by CardRatings.com at 2:15 PM
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