Debt Consolidation?

[bboy_RES]

anybody know any good places that will help consolidate my credit card debt? i'm pretty young (19), but my credit is good and i work full time (25k a year). i go to SDSU so there's a possibility for a student loan right? i'm not paying much interest on the cards right now. i think the highest is under 10%, but it's hard for me to keep track on each due date. i know it'll be easier for me to get a loan if i get a cosigner right? give me some tips guys! thanks.

[airforce1]

don't do it....debt consolidation may place you into a higher interest loan while you make minimum monthly payments. You have a decent paying job now. Why don't you just automate your payments to your credit card from your bank account? Its really easy to do and it saves you postage and the headache of having to remember when to pay your card.

[choicelaw]

Be very careful if you choose to do this. The debt consolidation/debt counseling places will have a negative effect on your credit. If you credit is still good, and you can afford your monthly payments then don't do anything. Or if you really want to consolidate try to borrow the money from a relative.

[chavo_del_8]

+1. Don't do it. Set up automated payments from your checking account about 3-4 days before the due date as it usually takes 2 days for your payments to clear.

[AvengeDEvO]

Don't do it most banks look at it as a bankruptcy. It is one of the worst things you can do to yourself. I work with a mortgage comany and you wont be able to by a house for a while. Transfering your balanced might be your best bet. If you call and fight about the rate they might drop the rate.

[2.0 wonder]

I was actually looking into something like this myself, good to know regarding the ill effects of consolidation.! I had no idea.

[XubIX]

Dont do it, my friend did it and is going to wind up paying $9,000 in interest.

[bboy_RES]

wow that's good to know. would it bad if i just got a personal loan and used it towards paying off my credit cards? my total debt is about 10k, but i want to get rid of at least 5k of it.

[airforce1]

Why get a loan and just psying it off the old fashioned way...save money, don't spend, and pay it off monthly. Why Pay interest to pay off interest? Doesn't make sense.

[choicelaw]

The only time you want to consider borrowing money to pay off other debts is if the interest rate on the new loan is lower than the credit card interest rate (or even better if you can get the loan interest free from a family member) Otherwise, payoff the highest interest rate cards as quickly as possible.

Alternatively, contact your current cards and try to figure out if one of them will consolidate all your cards at a cheaper rate. No matter what, be proactive and don't slack on your payments in the long run it will save you tons of cash. I learned the hard way and am still paying for beer I charged like 15 years ago! :buck2:

[vortech_g35]

Debt consolidation is for stupid people who don't know how to make a phone call. Just call the credit card company and tell them you want to stop your card and make a payment plan. What they do is make you a payment plan for a period of time, but stopping the card means you aren't putting anymore interest on your balance because credits cards are interest per day. It won't hurt your credit and you'll just pay off the card. Don't tell them to lower your rate because he difference between say 8% and 10% is about $10. If you have any equity in your car, you can go to a bank and roll into your car payment.

[vietman]

anyone that is interested in this ill show how it works 9099042044 name is Carlos O0

[airforce1]

Debt consolidation is for stupid people who don't know how to make a phone call. Just call the credit card company and tell them you want to stop your card and make a payment plan. What they do is make you a payment plan for a period of time, but stopping the card means you aren't putting anymore interest on your balance because credits cards are interest per day. It won't hurt your credit and you'll just pay off the card. Don't tell them to lower your rate because he difference between say 8% and 10% is about $10. If you have any equity in your car, you can go to a bank and roll into your car payment.


Amen

[oxyi]

Debt consolidation is for stupid people who don't know how to make a phone call. Just call the credit card company and tell them you want to stop your card and make a payment plan. What they do is make you a payment plan for a period of time, but stopping the card means you aren't putting anymore interest on your balance because credits cards are interest per day. It won't hurt your credit and you'll just pay off the card. Don't tell them to lower your rate because he difference between say 8% and 10% is about $10. If you have any equity in your car, you can go to a bank and roll into your car payment.


sounds good, i will try that.