Credit Tips: Credit Card Consolidation Loan

Posted On: February 1, 2006

archive
Posted: Sat Jan 01, 2005 1:22 am
Post subject: Credit Card 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?

archive
Posted: Sat Jan 01, 2005 1:22 am
Post subject: Credit Card Consolidation Loan

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.