Credit Card Consolidation Loan Tips
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Posted: Wed Sep 08, 2004 10:06 pm
Post subject: Credit Card Consolidation Loan Tips
Heather
Date: 4/6/2001 8:23 pm CDT
Hello. I am seeking advice from those who have been there. I have about $23,000 in combined debt fom my student loan and mainly credit cards. I've made the vast majority of my payments on time, pay a few dollars over the minimum and believe I have a very good rating. However, because my debt is so high I'll never get it paid off. I'm considering either a debt consolidation loan (if I can get one) or entering a debt consolidation program. I don't own a home but desperatly want to within the next five years, therefore I must get this debt down as soon as possible. One payment would help me considerably, as I know I would pay more than the minimum on that. I've been trying to reduce the debt on my own by paying as much as I can and not using the cards but juggling 10 accounts with different due dates just isn't working. Any advice would be greatl appreciated. Thanks!
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Posted: Wed Sep 08, 2004 10:30 pm
Post subject: Credit Card Consolidation Loan Tips
Linda in VA
Date: 4/7/2001 0:34 am CDT
I would apply for a consolidation loan before I went for credit counseling. Credit counseling affects your credit rating.
Have you tried to get better terms from your credit card companies? Not knowing the specifics, it's hard for me to give specific advice. If you are maxing out all your cards and can't get any more, you are out of options. If you don't look like you're in trouble, and you have been a good customer, you can probably get some deals going so you can deal with the debt without digging yourself in further.
I have several accounts and keeping track of them can be difficult. I pay all but one of them online, so I get the bill long before it would arrive in the mail. I use yahoo's calendar to keep track of what is due when, and it (the calendar) sends me email reminders. I've gotten my interest rates lowered on all but my newest cards, and I alternate cards, running the balance up and then paying it down quickly - that gets me line increases without inquiries. So, I always have *options* - if you have options, you can negotiate even more. And that gets you more options.
You don't have to just take whatever they give you. Get all your information organized and form a plan of action. Pretend it's somebody else's bills and you're helping them - that gets your emotions out of it and you can think more clearly. It is kind of a game to me at times - get a lower rate here, higher limit there.
I'm not bragging - I have been *under* the basement when it comes to credit, after my husband died - I have learned the hard way. You don't have to go there. Figure out your options, make a plan, and get to work on it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Sep 08, 2004 10:06 pm
Post subject: Credit Card Consolidation Loan Tips
Heather
Date: 4/6/2001 8:23 pm CDT
Hello. I am seeking advice from those who have been there. I have about $23,000 in combined debt fom my student loan and mainly credit cards. I've made the vast majority of my payments on time, pay a few dollars over the minimum and believe I have a very good rating. However, because my debt is so high I'll never get it paid off. I'm considering either a debt consolidation loan (if I can get one) or entering a debt consolidation program. I don't own a home but desperatly want to within the next five years, therefore I must get this debt down as soon as possible. One payment would help me considerably, as I know I would pay more than the minimum on that. I've been trying to reduce the debt on my own by paying as much as I can and not using the cards but juggling 10 accounts with different due dates just isn't working. Any advice would be greatl appreciated. Thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Sep 08, 2004 10:30 pm
Post subject: Credit Card Consolidation Loan Tips
Linda in VA
Date: 4/7/2001 0:34 am CDT
I would apply for a consolidation loan before I went for credit counseling. Credit counseling affects your credit rating.
Have you tried to get better terms from your credit card companies? Not knowing the specifics, it's hard for me to give specific advice. If you are maxing out all your cards and can't get any more, you are out of options. If you don't look like you're in trouble, and you have been a good customer, you can probably get some deals going so you can deal with the debt without digging yourself in further.
I have several accounts and keeping track of them can be difficult. I pay all but one of them online, so I get the bill long before it would arrive in the mail. I use yahoo's calendar to keep track of what is due when, and it (the calendar) sends me email reminders. I've gotten my interest rates lowered on all but my newest cards, and I alternate cards, running the balance up and then paying it down quickly - that gets me line increases without inquiries. So, I always have *options* - if you have options, you can negotiate even more. And that gets you more options.
You don't have to just take whatever they give you. Get all your information organized and form a plan of action. Pretend it's somebody else's bills and you're helping them - that gets your emotions out of it and you can think more clearly. It is kind of a game to me at times - get a lower rate here, higher limit there.
I'm not bragging - I have been *under* the basement when it comes to credit, after my husband died - I have learned the hard way. You don't have to go there. Figure out your options, make a plan, and get to work on it.
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 11:44 AM
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