- This topic has 3 replies, 4 voices, and was last updated 8 years, 11 months ago by Anonymous.
- May 5, 2011 at 5:21 pm #205656AnonymousInactive
doesn’t hurt your credit? I have severe credit card debt, and would like to either consolidate or use a service to help me free up some money in the monthly budget. I am doing very well with paying them, never been late, always pay more than minimum, but I can not get a debt consolidation loan because my debt to income ratio is too high (even though I’m trying to consolidate that debt). Anyone ever used any service that truly helped them, or know a highly rated one? Also, I’m trying to avoid anything that will hurt my credit report, like bankruptcy… also, if you know of any lenders that would be willing to help someone in my situation, please let me know! Thank you!
- May 6, 2011 at 7:18 am #260114GrthddcsawParticipant
There’s a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
How to Stop Escalating Debt
It includes information on companies that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
How to make money on the internet, scam-free
Lastly, here’s an interesting alternative to conventional lending…getting a “social networking” loan from Virgin Money (from the same folks who run Virgin Airlines):
Social Loans from Virgin Money
Hope these help.
- May 6, 2011 at 11:21 am #260883AlexEradeMember
What you’re already doing is probably the best way to handle it. Credit couselling is not always the best option, especially if they fail to report your payments (happens a lot).
If you have the capacity to pay, please do so. Don’t declare bankruptcy short of having to sell your soul.
Depending on the balance outstanding, you just may want to try debt consolidation (check your local yellow pages).
If the debt isn’t excessive, say less than $10,000 see if you can get a F & F (friends ‘n family ) loan.
- May 6, 2011 at 12:18 pm #261065AnonymousInactive
i can tell you right now, using any type of debt consolodation or debt relief program WILL hurt your credit. These companies promise to lower your payments and negotiate lower interest or lower your balances, and that may be true, but it will cost you your credit rating.
Your best bet is to call your credit card companies yourselves and try to negotiate a better rate on your cards. Or try to get a o% interest credit card and transfer your balances and work really hard to pay down the balance before the teaser rate goes up, typically 1 year.
And for pete’s sake, quit using your cards. Right now! If you can get a second job to pay them off quicker, even better. Once you get them paid off, dont ever use them again!
Believe me, I know how easy it is to rack up the balance on those cards. Good luck!
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