Comments on: Unsecured Debt Consolidation ? Tips For Getting A No-collateral Loan

By: finance

finance — Wed, 18 Nov 2009 05:13:28 +0000

Debt consolidation loans have a number of advantages. Finance companies offer loans with a lower rate of interest, and the loans are spread over a longer period of time. This results in lower expenses and a manageable monthly repayment of the loan. Debt consolidation loans help to repay the debt without much negative impact on the credit rating of an individual. The interest paid on a debt consolidation loan is eligible for tax deductions. More importantly, there is only a single creditor an individual has to deal rather than several creditors.

By: Answerman

Answerman — Tue, 17 Nov 2009 20:15:42 +0000

None of the above.
Take control of your own life!

-Stop spending money you don't have
-Cut up your credit cards
-List debts smallest balance to largest, negotiate lower interest rates whenever possible [you may have to surf some balances]
-Pay minimum on all debts, pay all your budget surplus to the smallest
-Work up the list of debts until you are DEBT FREE!
-Do whatever you like with your income for the rest of your life

By: Diva813

Diva813 — Tue, 17 Nov 2009 18:50:55 +0000

The only one I would recommend would be the NFCC(National Foundation for Credit Counseling. They are non-profit and can probably help you. Most of the other ones work for the creditors and not for you. They can ruin your credit further and charge ridiculous fees.

By: simonselmira

simonselmira — Tue, 17 Nov 2009 14:40:14 +0000

When consolidating credit card debt, it is important to be aware that shifting unsecured debt (credit cards are unsecured) to secured debt (your mortgage is secured by your home) can create a volatile situation, if there is ever a chance that you cannot afford the new mortgage payment you are now putting yourself at risk of foreclosure.

If you can get approved for the personal unsecured loan for the amount that you need, definitely go for it. But, make sure you payoff the credit cards and auto loans and be really careful not to rack up any more debt.

You are wise in staying away from the HELOC. Nobody can predict what's going to happen with this housing market so safeguard your equity for now. Once the market stabilizes you can maybe then go for a home equity loan or a cash out refi and pay back the personal loan.

By: jlynna10

jlynna10 — Tue, 17 Nov 2009 13:42:06 +0000

Bad credit is one of the worst problems to have… however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

By: Man of La Mancha

Man of La Mancha — Tue, 17 Nov 2009 12:40:14 +0000

Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.

Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.

Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.

In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.

If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:

http://axalda.info/debt-consolidation.html

By: LAL

LAL — Tue, 17 Nov 2009 09:52:36 +0000

This one is not a scam. I've been involved with the following website for nearly a year. Many people have been able to get loans to reduce their credit card debt and have it paid off in 3 years. You can get loans up to $25,000 with only a 1-2% origination fee.

By: Cpt Doug

Cpt Doug — Tue, 17 Nov 2009 09:06:30 +0000

Unlikely. Banks are being very careful who they approve for mortgages these days.

By: sfcjtgoff

sfcjtgoff — Tue, 17 Nov 2009 07:14:03 +0000

A consolidation loan is the worst thing you can do. I take it you already have a job, so If I were you, I would get a part time job and use that money to payback your debts. This may take a while but atleast you know that the money is going directly to the company and not in somebody else's pocket.

By: KOOLAID

KOOLAID — Tue, 17 Nov 2009 03:18:50 +0000

I work in collections for a credit card company, we say just look in the phone book and check with the Better Business Bureau. ALWAYS go with non-profit. The for profit ones will screw you over and most credit card companies will not work with for profit. And remember it can take about 3 months to get this set up with the creditor. Credit counselors have to send proposals to the creditors to be APPROVED. So make sure everything is correct with the creditors and with your credit counselors. And you can still get calls from the creditors until the proposal is accepted. Hope every thing works out for you