Should I apply for a consolidation loan?
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Post subject: Help/Consolidation Loan
jeff
Date: 10/17/2000 2:07 am CDT
I'll make this short and sweet. I filed chapter 7 in 93, and it was discharged. Over the last seven years I have kept a tight lease on my finances. Over this time period I have re-estabhlished my credit using various banking methods. As of this date beside's my credit is in good standings except for the sole negitive remark "bankrutcy". I always told my self that I would never sink that deep into debt again. Boy, how your mind can sure play some nasty tricks on you. Anyway, since last Jan 00, I went through a devistating personal experience in my life and from that I'm close to being $25,000 dollars in debt. This does not include my 97 Astro Van which I still owe 12,000. I didn't include the van becuase I can sell it to Autonation for the payoff. My employment is well estabhlished making close to $50,000 per year. Now the all important question to you is there any financial instituation in the US willing to offer me a consolidation loan?
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Ira Stoller
Date: 10/17/2000 2:49 pm CDT
Did your "devastating personal experience" have any negative impact on your credit standing? Did it cause you to be 90 days late with payments or somesuch thing? If not, and if your credit standing and employment history over the past seven years are positive, you stand an excellent chance of lowering your finance charges. Are you a home owner? If so, a home equity loan may be your best bet. Also, you could go the "use credit cards to pay off credit cards" route, taking advantage of one promotional rate after another and minimizing the amount of finance charges you pay. I myself rang up $40,000.00 in credit card debt and finally paid off the last of it several months ago. By using promo rates and transferring balances from one card to another to another, I probably cut $15,000.00 in finance charges off my debt. As long as you make your payments on time you may not be in as bad a shape as you think you are. Of course the other side of the coin is that you pay off as much as you can as fast as you can and absolutely set hard and fast rules on spending until you get your debt situation totally under control.
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Board Monitor - CA
Date: 10/19/2000 9:24 am CDT
Ira,
Thanks for your continued posts! You always have something insightful to say.
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
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: 10/23/2000 4:38 pm CDT
My pleasure! Thanks for running this site as well as you do!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
tim
Date: 10/20/2000 0:21 am CDT
Jeff,
Below is my 3 step plan for you.
1) Don't bother with anymore loans.Liquidate all of your assests that are not basic life necessities. The Astro Van, the television, the VCR, the jewelry and all of your electronic gadgets. I would say that you could free up about $10,000.
2) You make around 50 grand, good,but you need more. I suggest that you to pay with cash from now on.
3) Apply for a part-time job ,maybe 20 hours per week. Work this job for one year and that is your other $15,000.
(It won,t interfere with your work because you will ask your boss for a high school student mentor who will help you with your 9 to 5. These students are available at any high school free of charge.)They get experience , you save about 3 hours worth of adminstartive work each day.
Surprise, you are now out of debt. Just like that.
The main thing to remember, you said it yourself, you need control. Human nature is not easy to change.
If all else fails take a medical leave, seek a therapist and good luck, you made it this far.
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: 10/23/2000 5:13 pm CDT
What nonsense!
How can you possibly presume to tell somebody else how to run their life? Do you know anything about Jeff's job? Do you have any idea whether he even HAS any administrative duties?? How can you say that some high school student can do part of his work. If that were really the case, why would Jeff's company be paying him the big bucks? Just think of the conversation: "Hey boss, I'm getting a part time job to make some extra cash, so I need to take some time off each day. Why don't you get a high school student to do some of my work, but don't reduce my salary."
Don't go telling people to liquidate their assets. That's insane! Remember that people have to live their lives during and after debt reduction. It's the sack cloth and ashes syndrome all over again. Not necessary.
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Ira Stoller
Date: 10/26/2000 11:46 am CDT
Tim,
If you have anything to say in reply to a PUBLIC posting, then state your case PUBLICLY for all to see and read. There's no need to send private emails about something I said which you don't like. I wasn't even aware that my email address was public on this board and I will take steps to have it removed.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:21 PM
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