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Financial advice, please!

 
 
Reply Fri 6 Dec, 2013 06:53 pm
I'm in almost 20k in debt (I know who isn't in the US these days) but anyone have any advice on how I can reduce my debt quicker? Ex. Consolidated credit? My credit score went down obviously due to my high credit balance and it's difficult to pay more then the minimum balance. Anything I can do?
 
roger
 
  3  
Reply Fri 6 Dec, 2013 07:01 pm
@LauraFullman,
I can only say you should be very careful of debt consolidation. You might get it all down to one payment but ending up with a total payment larger than before.

You might check in with your local Better Business Bureau. They are probably online, and might be able to direct to an agency that can deal with the interest charges. Without their recommendation, I would be somewhat leery of anyone advertising a similar service.
Brandon9000
 
  1  
Reply Fri 6 Dec, 2013 07:02 pm
@LauraFullman,
LauraFullman wrote:

I'm in almost 20k in debt (I know who isn't in the US these days) but anyone have any advice on how I can reduce my debt quicker? Ex. Consolidated credit? My credit score went down obviously due to my high credit balance and it's difficult to pay more then the minimum balance. Anything I can do?

If you could find some institution, say a credit union, that would convert your credit cards into one single debt to them at a lower interest rate and without the fake penalties, and cut up your former credit cards, you might have a chance to actually pay it off. Unless your income is sky high, though, it would take a long time to pay off. If you can persuade someone to do that, then you will still have to adopt a philosophy of doing without everything you don't have the cash to buy.
jcboy
 
  2  
Reply Fri 6 Dec, 2013 10:01 pm
@LauraFullman,
LauraFullman wrote:

I'm in almost 20k in debt (I know who isn't in the US these days) but anyone have any advice on how I can reduce my debt quicker? Ex. Consolidated credit? My credit score went down obviously due to my high credit balance and it's difficult to pay more then the minimum balance. Anything I can do?


You haven’t said if any of those debts are collection accounts or charge offs. Collection accounts can be removed from your credit report once settled, some charge offs can be settled for ten cents on the dollar, by law charges offs can’t be taken off your credit report, however if settled it will show a zero balance owed, however the charge off remains.
LauraFullman
 
  1  
Reply Sat 7 Dec, 2013 07:39 am
@jcboy,
No charge off accounts just a lot of accumulated debt.
0 Replies
 
LauraFullman
 
  1  
Reply Sat 7 Dec, 2013 07:41 am
@roger,
I did read that these credit consolidators can be scams so I am very leery. Unfortunately as of recently I haven't had much of a choice but to use my credit cards but of course when you leave a balance the interest rate is out of control. So I'm trying to find a better alternative then paying all these interest fees.
0 Replies
 
LauraFullman
 
  1  
Reply Sat 7 Dec, 2013 07:43 am
@Brandon9000,
I will definitely look into that, thanks
0 Replies
 
LauraFullman
 
  1  
Reply Sat 7 Dec, 2013 07:43 am
@Brandon9000,
I will definitely look into that, thanks
0 Replies
 
chai2
 
  1  
Reply Sat 7 Dec, 2013 11:15 am
How about taking a 2nd part time job and using that money strictly for paying the debt?
Brandon9000
 
  1  
Reply Sat 7 Dec, 2013 09:23 pm
The problem is typically the interest rates charged by credit card companies to delinquent payers. Although some restrictions on the credit card companies were passed by Congress recently, the interest rate is still apt to be so high, and the penalties for the slightest error in payment so punitive, that, practically speaking, they are almost impossible to pay off. Remember, these people are actually trying to keep you in thrall for the rest of your life.
0 Replies
 
trying2learn
 
  1  
Reply Sat 7 Dec, 2013 09:30 pm
@chai2,
Without being more specific about your finances, I agree with this post.
chai2 wrote:
How about taking a 2nd part time job and using that money strictly for paying the debt?
0 Replies
 
mikemahoney007
 
  1  
Reply Fri 21 Mar, 2014 01:06 am
Get in touch with a professional finance adviser and plan things well..
0 Replies
 
TamikaSerrato
 
  0  
Reply Thu 22 May, 2014 02:23 am
@LauraFullman,
I can only say you should be very cautious of merging. You might get it all down to one transaction but finishing up with a complete transaction bigger than before.
0 Replies
 
TamikaSerrato
 
  0  
Reply Mon 26 May, 2014 05:30 am
As if you have a balance in your credit then interest become out of reach so try to find ways to pay it. Tell credit union to convert your credit cards to single debt that helps you to cut useless penalties. Search another option instead of paying interest amount.
0 Replies
 
glenzacher
 
  1  
Reply Tue 27 May, 2014 06:36 am
@LauraFullman,
You just need to have a free advice from one from your nearest financial consulting firm(Make sure to check it's history, either online). The financial experts are made for people help only!!
They will definitely solve your problem with the best solutions... Just Try
0 Replies
 
BonnieArteaga
 
  1  
Reply Tue 7 Oct, 2014 02:28 am
@LauraFullman,
Here are some tips that helps you in looking forward in a good manner towards debt consolidation such as check credit, consolidate to a low interest credit cards, get a loan from a credit union, signup for a debt management plan.
chai2
 
  1  
Reply Tue 7 Oct, 2014 02:01 pm
@BonnieArteaga,
Or get a 2nd job to pay off debt Rolling Eyes
0 Replies
 
cicerone imposter
 
  1  
Reply Tue 7 Oct, 2014 03:16 pm
Pay off the largest interest debts first.
0 Replies
 
carloslebaron
 
  1  
Reply Tue 7 Oct, 2014 06:04 pm
If you want to be serious about paying 20k bucks in debt, then stop buying perfumes, make up stuff, start eating at home rather than restaurants, watch regular TV instead of going to the movies or renting DVD movies, stop wasting gas money and walk, in other words, girl, you must learn the sacrifice of paying a debt.

If you are looking for a company to make the debt into one payment a month and you pretend to keep living spending money without care, then you don't need anyone's advice but keep going down and down.

You have no other choice but confronting your economic reality, so, if you are waking up and just found out that you are in a real big problem, then it is time to get mature and pay what is owed first, and perhaps five to ten years from now you might start again going to the movies, going shopping like crazy, eating in restaurants, and so forth.
chai2
 
  1  
Reply Tue 7 Oct, 2014 07:56 pm
@carloslebaron,
Why does everyone assume if your in debt you must be buying perfume and God forbid make up (I doubt is buying makeup has put anyone in the poor house), or eating out too much, or even watches TV?

That's bullshit.
0 Replies
 
 

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