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  1. #1
    Hot For Teacher
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    11.10.14 @ 10:06 AM
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    Default Financial Advice

    I know I don't post much on here, but I've been a member for a long time and I know there are some smart people out here that might be able to give a little advice.

    I'm wondering if anyone knows anything about these debt consolidation loans that I keep hearing about on TV and radio. From what I understand, you basically refinance your home loans for a larger amount and use the extra cash to pay off other debt. Is that basically it? What's the big disadvantage to it? Can you borrow more than your home is worth? The credit card debt is killing me and I need to figure out a way to get rid of it.

    Thanks for you help!
    Face Down in Cabo!

  2. #2
    carpe damn diem billy007's Avatar
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    Default

    I don't own a home so I had to go another route. There are companies that offer programs where your cards will be slashed and you'll pay only a "fraction" of what you owe (I believe they usually claim around 40%) and then there are "credit counselors" (which is what I went with) which negotiate lower APRS and monthly payments with the cards. Everybody worked pretty good with mine except Discover (they only lowered the APR to 15.99%, while the next highest of anyone was 9.9%), they even took a card that had already been sent to a collection agency. The only thing about either style program is the cards you put into the program are cut up, so you may want to keep one or two out for future use if you can keep them paid off on your own. If you were to go that route.

  3. #3
    Hot For Teacher
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    Quote Originally Posted by billy007 View Post
    I don't own a home so I had to go another route. There are companies that offer programs where your cards will be slashed and you'll pay only a "fraction" of what you owe (I believe they usually claim around 40%) and then there are "credit counselors" (which is what I went with) which negotiate lower APRS and monthly payments with the cards. Everybody worked pretty good with mine except Discover (they only lowered the APR to 15.99%, while the next highest of anyone was 9.9%), they even took a card that had already been sent to a collection agency. The only thing about either style program is the cards you put into the program are cut up, so you may want to keep one or two out for future use if you can keep them paid off on your own. If you were to go that route.
    Does that affect your credit rating?
    Face Down in Cabo!

  4. #4
    carpe damn diem billy007's Avatar
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    Default

    By that point it was already pretty bad. I think it has gone up some since we started on the program last year.

  5. #5
    Forum Frontman It's Mike's Avatar
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    Default

    Quote Originally Posted by CaboBrian View Post
    I know I don't post much on here, but I've been a member for a long time and I know there are some smart people out here that might be able to give a little advice.

    I'm wondering if anyone knows anything about these debt consolidation loans that I keep hearing about on TV and radio. From what I understand, you basically refinance your home loans for a larger amount and use the extra cash to pay off other debt. Is that basically it? What's the big disadvantage to it? Can you borrow more than your home is worth? The credit card debt is killing me and I need to figure out a way to get rid of it.

    Thanks for you help!
    depends on the situation you're in. If you have any sort of asset (ie a house) you'd be better off talking to your financial institution as they'd likely be able to offer you a much better rate but blending the consolidation loan into your mortgage.

  6. #6
    Good Enough
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    Quote Originally Posted by it's me View Post
    depends on the situation you're in. If you have any sort of asset (ie a house) you'd be better off talking to your financial institution as they'd likely be able to offer you a much better rate but blending the consolidation loan into your mortgage.
    I refinanced my house two years ago to wipe out some debt that I'd buit up as a result of my divorce. It's worked out well, especially since I got a tax break on the additional mortgage interest. However, if you've built up debt as a result of spending habits - and this is not meant to criticize - you should also consider consulting a financial planner to help you get on a budget and change whatever habits you may have. That way, you'll have a better chance of staying debt-free. Good luck!
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  7. #7
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by Otis5150 View Post
    I refinanced my house two years ago to wipe out some debt that I'd buit up as a result of my divorce. It's worked out well, especially since I got a tax break on the additional mortgage interest. However, if you've built up debt as a result of spending habits - and this is not meant to criticize - you should also consider consulting a financial planner to help you get on a budget and change whatever habits you may have. That way, you'll have a better chance of staying debt-free. Good luck!
    agreed - very solid advice

  8. #8
    Baseball Season!
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    05.11.09 @ 03:17 PM
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    Default

    By far your best option is to borrow against the equity in your home and pay the credit cards off. Another option would be if you have some bank accounts, ie savings, CD's you can generally get a loan for 1.5 - 2% over your interest rate, if you use the accounts as collateral. I'm assuming that you don't have money in the bank now though, hence the credit card debt, so the home equity would be the way to go.

    If you've got a vehicle paid for and of value, you could also use it to secure a low interest bank loan.
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  9. #9
    5150
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    08.21.17 @ 12:12 PM
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    I think you can do this on your own.

    All you need to do is work out a budget for yourself. In other words, how much you can afford to pay out per month.
    Next, balance out your debt according to the budget, or base it on how much you feel is best to pay to each creditor.
    After that, contact them all with your plan. They should accommodate your request. Or at least make a pay back option with you that is within your reach.

    If they do not wish to help out that way, make note of those that do not, and keep trying. Ask for supervisors, etc.

    The thing is, debt consolidators cost you money! They will do the same thing for you that I just mentioned. You can do it own your own.
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  10. #10
    Hot For Teacher
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    Thanks for the comments!!!! I'm feeling very stressed about the whole thing and am not sure what to do, so the advice really helps.

    A lot of my debt stems from me loosing my job several years back and living off of credit cards for awhile until I could get things turned around. Now I'm married and have more expenses and the wife has lost her job. And I will admit that my spending habits in the past weren't the best, but I've learned a hard lesson and have learned to live without spending money on things I don't need..
    Face Down in Cabo!

  11. #11
    Top Of The World
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    12.22.07 @ 09:09 AM
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    Quote Originally Posted by CaboBrian View Post
    I know I don't post much on here, but I've been a member for a long time and I know there are some smart people out here that might be able to give a little advice.

    I'm wondering if anyone knows anything about these debt consolidation loans that I keep hearing about on TV and radio. From what I understand, you basically refinance your home loans for a larger amount and use the extra cash to pay off other debt. Is that basically it? What's the big disadvantage to it? Can you borrow more than your home is worth? The credit card debt is killing me and I need to figure out a way to get rid of it.

    Thanks for you help!
    Make a loan officer put together a proposal for you and show you the benefits.

  12. #12
    Sinner's Swing! jimmy's Avatar
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    If you could, transfer all of your credit cards to an interest free credit card that's not soaking you for half of your payment every month......structure it so you can pay the credit card off in 12 months or less......

    If your debt is so great that you can't pay it off in the 12 months....a refi with your mortgage is a great option if you don't mind rolling the debt into your mortgage and have to accept the fact that you're not paying on that jacket you bought last month for the next 30 years....or until you sell your house and wipe out that debt.

    Credit cards shouldn't be used at all. If you can't afford to buy your item outright or take advange of Zero percent financing thru like a Circuit City, Sears or Best Buy, I wouldn't pull the trigger.

    I'm carrying a $2400 balance on a card....I just dumped it onto a interest free for 12 months card....eliminating a $55 finance charge every month.....12 payments of $200 and we're good to go. Plus my rate on the old card has been around 10%....it's up to almost 20%.....nuts. My wife takes care of the bills and I haven't been keeping an eye.....I'm just pissed that I didn't catch this sooner.
    Actually I think most of us are Dave, Sam, and Mike fans. There's just a small group of people who have strange allegiances and like to get into petty pissing contests that I can't believe everyone on this site isn't bored of. - Brett

  13. #13
    Sinner's Swing! jimmy's Avatar
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    BTW.....I don't recommend boucing debt around to different cards, but if you can save that finance charge...and pay the debt down do it.......I understand it lowers your credit score after time. I'm 2 houses in and 6 cars in.....with credit score about 800, so I can take a beating a bit....some folks should consider their future and talk with a financial planner about the best scenario.
    Actually I think most of us are Dave, Sam, and Mike fans. There's just a small group of people who have strange allegiances and like to get into petty pissing contests that I can't believe everyone on this site isn't bored of. - Brett

  14. #14
    Sinner's Swing! Brian Gibson's Avatar
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    wow... there's some smart people on here...

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  15. #15
    Atomic Punk
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    05.31.14 @ 08:17 PM
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    Quote Originally Posted by CaboBrian View Post
    I know I don't post much on here, but I've been a member for a long time and I know there are some smart people out here that might be able to give a little advice.

    I'm wondering if anyone knows anything about these debt consolidation loans that I keep hearing about on TV and radio. From what I understand, you basically refinance your home loans for a larger amount and use the extra cash to pay off other debt. Is that basically it? What's the big disadvantage to it? Can you borrow more than your home is worth? The credit card debt is killing me and I need to figure out a way to get rid of it.

    Thanks for you help!
    I don't know what's availible in Missouri, but in California there are non-profit debt councelors who can sit down with you to plan your way out of debt.

    Call your credit card companies, see if you can settle your account for a lessor amount. Sometimes they'll do that instead of losing money by turning you over to an agency. Like someone else said, you can transfer your accounts to one card and then pay that off. just cancel those old cards ASAP.

    Be careful of debt consolidation loans, especially the ones on TV, they are sharks, plain and simple. You will get a better deal out of your own bank.

    Look for debt councelors first, then go from there. There are also paid debt counceling services who will help you straighten out your debts and they also become the contact for the people billing you.

    I'm getting smoked on my credit card right now due to intrest. I've been paying the same $800 for the last three months. I may re-activate a dormant Capital One I've had and tranfer the debt to that one because I can pay that one off without the intrest and do it faster.
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