finance help: I’m considering debt consolidation..

downtowndaisy

I’m considering debt consolidation..

I have a large debt on a high interest credit card, and another minimal debt on a lower interest card. The low interest card isn’t really the problem as much as the one with the high interest one. I really want to lower my monthly payments (that’s my main goal) since money has been a bit tight lately. I’ve never been late on my payments, but my cash flow sort of came to a halt recently and now I’m freaking out. I would like to consolidate all of my debt, and pay one lower monthly payment. I’m not so concerned about long term interest as long as there is no pre-payment penalty, etc. As of right now, they charge the interest to my credit card on a monthly basis, instead of like making my payments longer, it seems different than my other card. I really don’t know much about debt consolidation… Does it appear as a negative on your credit report? Any recommendations on where to go? I’ve looked online but they all look like some sort of scam some way or another…. Also, do I have other options? Thanks.. any help would be appreciated!

This open post was written 1 year, 2 months ago | V/U/S: 277, 11, 5 | Edit Post | Leave a reply | Report Post

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Since writing this post downtowndaisy may have helped people, but has not within the last 4 days. downtowndaisy is a verified member, has been around for 1 year, 10 months and has 41 posts and 3,745 replies to their name.

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credit card, debt, Interest, Debt consolidation, card, Payment, High, credit, Consolidation, Sort, finance (How Tags Affect Reciprocity)

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downtowndaisy invited 59 users to read this post 1 year, 2 months ago.

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. - : 2511 : - . 14 #
An Unknown Location | 1 year, 2 months ago (6 minutes after post)

Sry, I’ve no idea in these things =/

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downtowndaisy 1 #
An Undisclosed Location | 1 year, 2 months ago (8 minutes after post)

2511 wrote:
Sry, I’ve no idea in these things =/

that’s ok.. thanks anyways :)

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Srinh 1 #
An Undisclosed Location | 1 year, 2 months ago (10 minutes after post)

daisy.

have you considered talking with a financial advisor?

We have on onbase, she’s really knowledgeable. I was going to go talk to her about stocks and ways to build credit, buy homes.

I’ll ask her about debt consolidation too, effect on credit, etc.

And you should google it on. There would prolly be a wikipedia article or something explaining it better….tell me what you learn…

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~Shie~ 9 #
Gloversville, NY, US | 1 year, 2 months ago (21 minutes after post)

you have got to be extremely careful by doing this… read every fine print.. every thing you even think is a letter… because there are many places out there that will tell you 0% but if you read it closely, it will say for 1st 6 months and then a really high % after that… be very careful.

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downtowndaisy 1 #
An Undisclosed Location | 1 year, 2 months ago (1 hour, 6 minutes after post)

Yewdale8 wrote:
daisy.

have you considered talking with a financial advisor?

We have on onbase, she’s really knowledgeable. I was going to go talk to her about stocks and ways to build credit, buy homes.

I’ll ask her about debt consolidation too, effect on credit, etc.

And you should google it on. There would prolly be a wikipedia article or something explaining it better….tell me what you learn…

Can’t afford a financial advisor.. hehe. I’ll check wikipedia… didn’t think of that hehe. I’ll keep you posted. Let me know what your financial advisor says! Thanks yew!

Shie wrote:
you have got to be extremely careful by doing this… read every fine print.. every thing you even think is a letter… because there are many places out there that will tell you 0% but if you read it closely, it will say for 1st 6 months and then a really high % after that… be very careful.

Thanks Shie.. I’ll definitely keep my eyes open. I hate all this fine print crap.. sort of got me where I am now.. well I also didn’t think I’d be where I was, I had to take out emergency money.. a LOT of it.. but anyways.. Thanks again.

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Neutra 78 #
An Undisclosed Location | 1 year, 2 months ago (3 hours, 23 minutes after post)

Sorry about this, im not sure about this stuff.

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gj06246 11 #
An Unknown Location | 1 year, 2 months ago (5 hours, 50 minutes after post)

It depends on what type of consolidation your considering. You can get a new card and transfer all the debt over to that one card. NO effect on credit.

You can take a consolidation loan through a bank once again all your cards get paid off and you just have the one loan. No effect on credit.

If your wanting to do the lower your payments and be debt free in 2 or 3 years program this effects your credit. Because before they ‘credit card counselors’ can evn help you you have to stop paying your debts and go deliquent. Thus having a big effect on your credit. The good news is you get debt free and your credit will recover in about 2 or 3 years because you did not file bankruptcy.

downtowndaisy 1 #
An Undisclosed Location | 1 year, 2 months ago (6 hours, 14 minutes after post)

gj06246 wrote:
It depends on what type of consolidation your considering. You can get a new card and transfer all the debt over to that one card. NO effect on credit.

You can take a consolidation loan through a bank once again all your cards get paid off and you just have the one loan. No effect on credit.

If your wanting to do the lower your payments and be debt free in 2 or 3 years program this effects your credit. Because before they ‘credit card counselors’ can evn help you you have to stop paying your debts and go deliquent. Thus having a big effect on your credit. The good news is you get debt free and your credit will recover in about 2 or 3 years because you did not file bankruptcy.

Thanks GJ! I think I want to go with the second one… I don’t want to have to pay the first credit card company plus the new one a fee, plus I would have to qualify for a credit card that had not only a low balance transfer rate, but a high limit… would be nice if I qualified for that though, but usually i’m not. Except on the one I currently have the large balance on lol. CONVENIENTLY!! haha.

So I guess my next question is, how do I go about getting a consolidation loan? Just go to my bank? Would I need some sort of collateral? I don’t have any… Do you know anything about unsecured loans?

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seas light 8 #
An Undisclosed Location | 1 year, 2 months ago (11 hours, 36 minutes after post)

Nothing negative will be on your credit report.You do have optiions. Check into all and weigh carefullly. The most important is the fine print, which most over look unfortunately.. Your bank manager won’t charge you a thing for there advice. A freeze is also a good option… Just gather all your options and then make the most logical solution for you.. Good luck :)

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downtowndaisy 1 #
An Undisclosed Location | 1 year, 2 months ago (20 hours, 2 minutes after post)

Thanks guys… I don’t know if I can stop using the card. I was wondering if maybe I should sign up for the program where if you lose your job you pay like .75cent/$100, and then tell them I lost my job. Do any of you know if that affects your credit?

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