consolidating debt
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Debt and What to Do...
Asked by R.C. from Los Angeles
on June 9, 2009
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I recently received a letter from a company stating that I owed them money, and were preparing to take me to court unless I paid the balance in full. This debt was fro...
Answers
- Hi R.! Sometimes an extra stream of income can help get yourself out of debt! We have many on our team who have paid off debt and some who have replaced their full t...
- First, go on your credit report and contest everything. Say you paid it off years ago, and were told is was paid off. Use strong words (I PAID this.) If the creditor...
- Hi - sounds like a tricky situation. I am an attorney and have a little experience with this. You might try negotiating with your creditors. Creditors are a little ...
Consolidating Your Bills
Asked by A.!. from Detroit
on August 30, 2011
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My cousin is thinking of going to a company who has agreed to consolidate her bills, from the way she explained it the company will give her a loan to pay off 4 bills...
Answers
- I took the Dave Ramsey course, Financial Peace University. This has helped me so much! I don't know why your cousin wants to do this, but I would be cautious as...
- BEWARE - these companies are usually scams. Have her talk to a local bank (one that is NOT a part of a national chain is best) and see what they may be able to do ...
- If she can consolidate through this company she can do it through a bank. I don't trust any of those companies. They will make money which means she is paying more s...
Debt Consolidation
Asked by K.S. from Dallas
on August 10, 2010
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I am looking into consolidating my credit cards and want to know if anyone has used a debt consolidation company and if so, who did you use and how did it work for you...
Answers
- We read a Dave Ramsey book (although we had already filed bankruptcy) and just started from there with it. It has helped us wonders and we are not struggling anymore! ...
- Bad idea. This will wreck your credit. Get a Dave Ramsay book and easily do it yourself!
- We got a consolidation loan through our bank, well one of our banks :o). I prefer USAA, but we used Navy Federal for this. So it's not a loan that looks bad on our cre...
Debt "Recovery"
Asked by J.G. from Chicago
on April 26, 2010
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I have seen on tv and heard on the radio commercials for a "government debt recovery" program for people with high amounts of credit card debt. Does anyone know anyth...
Answers
- Ok I admit I know very little about this, but the stimulous plan includes monies to be used to reduce debt. My understanding of it, is to prevent people from loosing ...
- http://www.ftc.gov/opa/2010/04/unitedcredit.shtm The FTC recently banned and fined several companies for this kind of solitations and making false promises. That ...
- Listen to Dave Ramsey on the radio if you are in Northwest IN it's 1230 AM WJOB from 2 - 4pm. To listen to pod casts go to www.daveramsey.com. He calls them debt "C...
Debt Consolidation
Asked by L.B. from New York
on March 25, 2010
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Hi Moms, We are thinking of hiring a debt consolidation company. Has anyone had any experience doing this? What credentials should the debt consolidator have? How ...
Answers
- Never a good idea. Read Dave Ramsay--he's not trying to sell you anything--just tech. And CUT UP the credit cards immediately! Otherwise it's like putting a bandaid ...
- I would imagine you are consolidating your debt because you need more money or can't make your minimum payments or something along those lines. Those are the reasons ...
- My husband works for MSI Credit Solutions.... I have gone through this company and it is AWESOME.... PLEASE give him a call and he would be more then willing to work w...
Husbands Debt
Asked by P.E. from Boston
on October 3, 2011
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My husbands debt from school loans has spiraled out of control among other debt of his. Withhout getting into details it is slightly horrifying....Are there people or...
Answers
- You need to be the one starting the ball rolling on getting this under control. The best thing to do in my experience is to be transparent with your creditor. Let them...
- Sorry to hear about your hubby's debts. I was told that once you marry, you marry the debt as well. I felt like that about my hubby's credit card debt. Anyway, I, too...
- There are financial counselors that you can google in your area and they help you with budgets. bill payments, etc. Check out Dave Ramsey he is fantastic and has a go...
Debt Mediation
Asked by C.A. from Dallas
on August 1, 2008
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Just wondering if anyone has tried debt mediation or credit counseling and what your results were. I tried to get a loan from the debt consolidation loan from the bank...
Answers
- I used a counseling service several years ago when my credit card debt reached $20K. I think I had about 8 credit cards then. They made it easy, I just sent them one p...
- I agree with most of the responders: Don't go to a for-profit credit counseling business. If you decide to go with a credit counseling service, go with a non-profit ...
- Hi C.! Please check out DaveRamsey.com before you do anything drastic!!! He is my Hero! I am strongly against consolidating debts, because the interest you pay for eac...
Debt Advice?
Asked by K.M. from Chicago
on January 17, 2010
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Another question...Here is the situation.
My husband and I....well, mostly me, actually...are in a terrible amount of debt. We have a meager savings, but otherwis...
Answers
- Look at your budget very carefully. I know you said you don't spend frivilously, but now is the time to look at EACH little expense. Do you go out to eat? Stop. Ar...
- Call up the folks in charge of your college debt and relay this information and ask them for a break of some sort. Your great-grandparents would put your claims of ...
- I also recommend the Dave Ramsey books--from the library (free!). We were in a similar situation a few years ago and from his advice (very easy to follow) have paid of...
Paying off Debt
Asked by J.E. from Boise
on January 14, 2009
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I am considering using a family financial planning company to help me get my credit card debt under control. I understand that they deal with the credit card companie...
Answers
- Hi J., I would imagine you are overwelmed with the responses to your inquiry. I too am a financial coach and would recommend any sort of program without using any co...
- If you had any questions about credit repair, I would recommend my in-laws in Georgia. They work with people from all over the country, so it doesn't matter if you ar...
- J. I am a financial consultant. Be careful with some of these companies. Most of them have hidden fees. Sometimes you will be paying more than you already are. Also if...
Credit Card Debt Consolidation
Asked by C.C. from New York
on May 21, 2009
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I am wondering if anyone has any experience with credit card debt consolidation/ elimination/ negotitation. What were your experiences? And if so, what company/ websit...
Answers
- Have you tried snowballing or debt stacking your debt? To many of those companies ruin your credit by placing notes on your credit report, I know thats not importa...
- just make sure you pay NO money up front
- Call the credit card companies yourself - request they give you a lower interest rate or tell them you will close the account and transfer to a lower interest credit c...
