Question : debt consolidation?
Hello all, I have a question regarding debt consolidation. I have about 15k worth of debt and have tried applying to two companies for a debt consolidation loan and was denied both times. I thought about trying what one of the other posters suggested , writing to the individual companies threating a voluntary bankruptcy order. I have about 10k in the bank, but I don't want to borrow from that lender because I wouldn't be able to use the money in my account. My credit is only good. What other options do I have? Thanks
- asked by Nicole h
All Answers:
Answer #1
First thing, you do not need a debt CON-solidationloan. That fools you into thinking that debt isthe problem when i is really just the symptom. Theproblem is the behavior that got you into debt. Iknow because I did it too, only with a lot biggernumber than you. I will say that I am a huge fanof Dave Ramsey - I'll let you do your own researchon his website.First thing is: you must get on abudget and determine how much money you can throwat your bills each month. Stop investing untilyour bills are paid. Have a yard sale. However youcan scrape up a dollar within legal means, doit.Here is what I would do:1) I would take $9K outof savings, leaving a $1K Emergency Fund 2) Iwould pay off debts from smallest to largest,regardless of the interest rate3) I would thenrebuild my savings to cover 3-6 months ofhousehold expenses.After that, it gets fun whenyou get to keep your money and get rich.
- answered by Debt Is Dumb
Answer #2
Practically any type of loan can be wrapped intothe debt consolidation process. Common typesinclude finance charges, late fees and overdraftcharges, credit cards, personal loans, utilitybills, medical bills, car loans, store cards, gascards and back taxes. A debt consolidation loanallows you to condense your monthlyold loans are replaced with a new onethat has more favorable terms. Your loanconsultant will negotiate with creditors on yourbehalf, so you’ll no longer have to deal withharassing phone calls and daily mail.
- answered by Charlee
Answer #3
If you have 10k in the bank, why not use half ofit on your debt. That would make things much moremanageable.Also, a good resourceis...
http://www.safelinked.info/jump.php?link=debtGood Luck.
- answered by Ronald m
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