Debt Consolidation [Archive] - RonFez.net Messageboard

Tenbatsuzen

11-01-2005, 05:44 AM

Hi there. My car is almost paid off, and I've decided to
hold off on buying a new one, and instead being FISCALLY RESPONSIBLE
and getting out of debt. I'm not a homeowner, though, so trying to find the best way to get all of my debts consolidated is tricky at best.Has anyone done debt consolidation or knows someone who went through the experience?  What company did you use?My credit is good; I'm just in the hole for a pretty decent number.  

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booster11373

11-01-2005, 05:50 AM

I did it through a thing called GE consumer credit. worked pretty well paid off most of my credit cards and got a smaller monthly nut to cover, I would do it again, plus it was GE not some front for the mob so I felt pretty safe getting involed with it.

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Death Metal Moe

11-01-2005, 05:58 AM

I suggest people do anything but wait for them to sue, like I ended up doing.  Very stupid way to pay off your debts.

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JPMNICK

11-01-2005, 06:04 AM

is most of the debt Credit Card debt? Do you have student Loans? Personal Loans? Other Options:Can you move to someplace cheaper?Maybe get a second job that is cashed based? I tutor during the week, and the money is great. You can also work at a restaurant or something?If you need some advice on how to get started tutoring, let me know. 

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Recyclerz

11-01-2005, 08:19 AM

The Motley Fool credit center is a good place to start looking.<a href="http://www.fool.com/ccc/debt/debt.htm">http://www.fool.com/ccc/debt/debt.htm</a>You have to be careful with credit counseling places.  Some are just crooks and even with the good ones you might wind up with a big ding on your credit rating which could make getting a mortgage (or at least a fair rate) more difficult.  Anyway it's a good idea and wishing you success with it.

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JimBeam

11-01-2005, 08:35 AM

I recently, back in April, did one through MBNA and it works out fine.Origianlly I had signed up for the 20K to be paid off in 4 years at like 425 a month but when I got the check it said my payment terms were 8 years at 200.I called up and said whats the deal and they explained to me that they set it at a longer timeframe, with a lower monthly due, so that if you ever run into any problems and cant make the 425 payment, you only have to send them halfish.They said that if you still pay the 425 a month you'll be done in the 4 years advertised.I've been sending them 550 a month and whats funny is every other month they send me a bill saying my minimum due, as a acourtesy, is only 15 for that month.I'm sure they're doing that so they can continue to earn interest on me.I'm happy with it now.Finally got rif of a lot of my college debt.Apparently my credit score has already gotten better because when I moved into a new house the rntal people said my credit was excellent and I dont think it was " excellent " last year at this time.

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mendyweiss

11-01-2005, 08:59 AM

JimBeamWhat interest rate?

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JimBeam

11-01-2005, 09:17 AM

I wanna say 14%I took $20,000 and I'd have to pay back I think $427 for 4 years to pay it off.I can always borrow against it again, depenmding on how much is remaining, and then they'd recalculate the whole thing.Thats another funny thing is they keep sending me these checks to use.They come in a separate mailing from my monthly bill AND along with the bill.They waste so much money.

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Tenbatsuzen

11-01-2005, 10:20 AM

quote: is most of the debt Credit Card debt? Do you have student Loans? Personal Loans?Other Options:Can you move to someplace cheaper?Maybe get a second job that is cashed based? I tutor during the week, and the money is great. You can also work at a restaurant or something?If you need some advice on how to get started tutoring, let me know. All of the debt is credit-card based.  It's not tremendously bad, much less than what a new car would cost.  Probably less than what a decent used car would cost too.Can't move, as I'm locked into a lease until the summer, and to be honest, I have a pretty good place and location for the rent I'm paying.As for the second job - restaurant, been there done that - and it's something I've considered - but my primary job requires me to work weekends, and I don't think I'd be able to do both my current job and a restaurant gig because of how crazy my current job can be.I think what my plan is going to be this:Pay off my car, and then use the extra cash flow to pay off the worst credit card (highest rates and fees) first, but leaving the CC open so it still reflects nicely on my credit report.Then I'll get to work on the other credits cards, who I owe more to but the APRs aren't as bad.But I will consider MBNA and GE Consumer Credit... thanks for the tips.  Anyone else?  

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JPMNICK

11-01-2005, 11:17 AM

I think your best bet is to open a new 0% credit card that allows balance transfers. It shoudl stay 0% for like 6 months - 1 year or something like that. Transfer the largest amount of money as you can from the highest interest rate CC, and then pay that off and stop using it, but as you said, leave it open. Then move on to the next highest rate, all the while making sure you are making the minimum payments (at least). If you need, after the 0% changes back over to a normal card, you can open a new 0% card if needed. I would go that route before I tried to consolidate, unless you get an awesome deal. 

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Thanks to Reef for my sig. You rock. Love Your Grandson Frank

It's gonna be BAM, I crush his little skull and I sit down and smoke a cigar for another 55 seconds. The next kid comes in, BAM I put my cigar out on him. I laugh and point at the other kids "Who's next chubby?"

DJEvelEd

11-01-2005, 11:48 AM

I took a loan out against my 401K stock. It didn't matter what the interest was because I was paying the interest back to myself anyway. I borrowed my own money...kinda.If that's not an option, do the 0% credit card every year until you're paid off.

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Bulldogcakes

11-01-2005, 04:11 PM

quote:I
think your best bet is to open a new 0% credit card that allows balance
transfers. It shoudl stay 0% for like 6 months - 1 year or something
like that. Transfer the largest amount of money as you can from the
highest interest rate CC, and then pay that off and stop using it, but
as you said, leave it open. Then move on to the next highest rate, all
the while making sure you are making the minimum payments (at least). Yes, but read the fine print. Some have balance transfer fees, charge a % of amount transferred, etc.  You
can actually keep switching cards that offer you 0% every 6 months, and
keep doing it till you pay it off. Just dont get lazy and start making
minimums. Pay as much as you can. Think of credit cards
this way. You cant get 14-28% annually from any bank, mutual fund, or
bond. But thats what its costing you. So until you pay them off, you'll
never get ahead.  Make it your first priority. I carried a large
(20k) credit card bill and it took me years to get rid of it. Never
again. Now I take my extra $ and it MAKES money for me, which is a
beautiful feeling. 


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DJEvelEd

11-01-2005, 04:18 PM

I just got out of 20,000 debt last year too. It's a GREAT feeling. It took many years of making double payments on my credit cards. Getting a really good bonus last year got me totally out. Making the minimum payments on credit cards will fuckin KILL you.

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