5 Thoughts on Do you know of any good debt consolidators?
  1. Reply
    ridingnchicago
    November 7, 2012 at 4:08 am

    You have a couple options, those services you hear on the radio are the last option as they will help you get out of debt but show up negatively on your credit score. I would recommend first trying to get a loan from a bank to pay it all off and you’ll most likely have a low interest rate of lke 5%. You can put up your car or buy a cd for an amount and use that as collateral.

    Another option is to try to get approved for a card with a high limit with 0% on balance transfers for a year. If you can do this transfer all yoru balances to them and pay it off. Only thing is make sure you make every payment on time and according to rules, if you mess up just once the 0% is gone and they jack your interest up to like 33%.

  2. Reply
    OC1999
    November 7, 2012 at 5:08 am

    First you can’t get out of debt by taking on more debt..Sorry it just does not work. The problem is by your exact statement “I would like to keep them and get them paid off”.

    If you were able to get a loan or transfer, you would have to close out your accounts. If you don’t you will probably fall into the trap that other people do. That is charge the cards right back up. So instead of having just your credit card debt. You now have your credit card debt back, but a consolidation loan that you need to pay off. Effectively doubling your debt, if you think you have trouble now wait until you have double the debt.

    If you are serious about getting out of debt you need to look at a Debt Management Program. There are several out there that work with your credit cards to lower interest(and your payments). But they do require you to close out the accounts. You should take a look at the National Foundation for Credit Counsels. This site gives a lot of good advice as well as you can search for DMP’s in your area.

  3. Reply
    flowergirl
    November 7, 2012 at 5:50 am

    I know of two companies that can help you by consolidating all of your creditors in to one bill a month. They will not loan you the money to pay the creditors off but they will contact the creditors and get them to lower your interest rate. Lower interest rates means that you can pay them off in half of the amount of time that it would take you on your own. Try Care One at http://www.careonecredit.com/ or Consolidated Credit at http://www.consolidatedcredit.org/?PartnerID=1140.

    Care One helped me and Consolidated Credit helped my friend. We were both able to pay off our credit cards in 2 years opposed to 10 years or more by paying minimums. Good Luck!!

  4. Reply
    sandraknollman
    November 7, 2012 at 6:12 am

    Consumer finance companies like CitiFinancial, Beneficial, and American General offer debt consolidation loans, but at a higher-interest rate than what you would get at your local bank. Try the bank that you currently bank with, because they will most likely offer loans like that. Keep in mind that they may likely require a credit score of 700 or more to qualify for such a loan. If you own your own home, you may want to look into possibly getting a home equity loan. Keep in mind the fluctuating real estate value, and if you plan on staying in your house for the length of the loan/line. You can also try to find alternative methods of raising money to help pay down your debt:

    1) Do you have a cash-value life insurance policy? If you do, check with your agent to see if you can borrow against it (This is a last resort if all other attempts to raise money have failed)
    2) Do you have a talent? Can you sell tie blankets? Make ornaments? Design cards? Run errands for a fee? Babysit for a few days a month?

    You would be amazed at the ways you can raise a little cash. Do you have any household items sitting around your house that you’ve been thinking of donating or giving away? Before you do, try selling it on http://www.craigslist.org. Do you have time to possibly get a second job part-time? You can even make money by saving on your household bills, such as unplugging all unused appliances. You can save about $ 25-50 month just by unplugging lamps, toasters, microwaves, and other things. It may seem like a pain at first, but when you start to see the savings, it reminds you that an extra minute to plug stuff back in is worth it. Maybe even try to lower the air conditioning/heat by a degree or two. I have an old leaky house, and I keep the thermostat set at 70. I usually don’t turn it up to 72 unless it’s below freezong outside. The basement gets a bit chilly, but we’re usually on the first floor, which works out well.

    You may also want to call your energy company to see if they can do an energy audit. I know some people who’ve saved upwards of $ 100 after following their suggestions, sometimes as simple as caulking around windows, adding a double-sided doorguard, or even weatherproofing the windows. My mother-in-law blocks off her second floor and shuts off the heat to it. Her bill is usually just over $ 100/month.

  5. Reply
    debtairraid
    November 7, 2012 at 6:16 am

    The most successful program I know of, for debt elimination, is Financial Peace University. Every day you hear about people eliminating thousands of dollars in debts by simply budgeting and watching where their money goes. (What a concept, huh?)

    I can personally vouch for this because I have eliminated $ 35,000 in debt over the past 15 months. The class was only $ 100, and it was worth every dollar.

    You sound like a very intelligent person. It is good that you want to get your finances in order!

    Click here to see a sneak preview and to find a class near you:

    http://www.daveramsey.com/fpu/home/

    Merry Christmas!

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