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Debt consolidator

Discussion in 'Members' Lounge' started by allbottledup, May 25, 2005.

  1. allbottledup

    allbottledup Senior Member

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    Anyone here have a debt consolidator that doesnt dick them over. I used one about two years ago that screwed my royaly. Said that they made a deal with one of my CC comp and after 6 months my bill was $200 higher. Let me know if anyone uses one worth while.
     
  2. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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  3. pissedoffsol

    pissedoffsol RETIRED

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    dude, if you're in serious debt that you need a company to help you, QUIT mesing with cars
     
  4. ScrapinSi

    ScrapinSi Senior Member

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    what we are doing for my wife is getting an equity line of credit against our house to eliminate her CC debt, and pay off my blazer... it gives you a nice low interest rate, and its a floating line... so if you ever need a little cash in an emergency, you have it... And you have 5 years to pay it back.
     
  5. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    Stay away from credit agencies. For the most part, if you use one, your credit goes to the shitter. From what I have read, it is harder to regain your credit rating using one of these agencies than it is to when you file bankruptcy.

    I would seriously look to a second mortgage or home equity loan (if you even own a house, I got mixed up reading Noah's reply), just be aware that most times, the home equity does not allow early payment, so if you come into some cash and want to pay it off, then you'll still be stuck with the interest rate for the life of the loan...
     
  6. pissedoffsol

    pissedoffsol RETIRED

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    yup.. if your stuck in CC debt
    just get a 0% card. almost every company has one for a 6-12 month period.

    just keep bouncing them around, trasnfering the balance to the new card that offered you 0%.

    and then, focus on paying it off.

    project: Get out of debt > project my POS civic
     
  7. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    Stay away from credit agencies, I agree. but CCCS is not a credit agency. it's a non-profit, they basically work for the credit card companies. My credit rating was not effected either positive or negatively. I basically just paid off my debt with no interest.

    as far as HELOC the repayment terms are almost always different depending on who your lender is and what you negotiate. I'm looking into a HELOC with a 10 year draw period and at the end of the 10 year draw it converts to a standard loan with a 10 year repayment period or I extend the draw period. during the draw period I will be able to pay toward principle and interest, or interest only. Very,very flexible. compared to HEL

    you should really check out creditboards, and just out the credit forum, there are a lot of helpful people there that can guide you in the right direction as to how to fix or get rid of your debt. don't forget to read the newbie section, and do a search.
     
  8. ScrapinSi

    ScrapinSi Senior Member

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    yeah... we are doing a line of credit, not a 2nd mortgage... line of credit you can pay it off in 6 months if you want, but then the line of credit is just still there... to use if you want to.
     
  9. allbottledup

    allbottledup Senior Member

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    well i dont own a home so there goes the line of credit. I used one non-profit agency in the past and they sucked i just wanted to see what you guys use. The mortgage guy i work with told me that my credit is bad enough that they would only help i need to knock up my credit rating like 20 points to get a mortgage but i still wanna pay most of it off. THe last company i used did make some awesome deals with a couple of my CC and got a ton of money knocked off.
     
  10. Sofa King Slow

    Sofa King Slow Member

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    There is a reason that Debt Consolidators have the word CON built right in. Check this guy's site out. Dave Ramsey Click on the "New to Dave Ramsey" link. Daily AM talk show, books, referrals, you can't afford not to at least check it out.

    Whether you believe me or not, I don't care, but this man saved my marriage and saved me a BUNCH of money, and I have never even talked to the man.

    Anyone else listen to Dave Ramsey?
     
  11. pissedoffsol

    pissedoffsol RETIRED

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    werd.

    im telling you man.

    jsut get a 0% intro credit card, x-fer your balances to it.
    cut up your old cards.

    make as much as you can for payments on it.

    when that trail % period is over, trasfer it to a new card with 0% intro apr.
    repeat.

    you CANT beat 0%. no one can.
     
  12. BigJ

    BigJ I'm just about that action Boss. VIP

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    Debt consolidating is the biggest scam ever. Buy this book. Get out of the rat race.

    Also remember Credit is only good to go into debt further.
     
  13. hcivic.com

    hcivic.com Senior Member

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    don't get into debt
    if you can't pay cash for it don't buy it.
    I wanted a new truck so i wated a mounth then bought after i had cash to pay for it. You want property save for then buy it.
    2-25% intrest is just stupid
     
  14. pissedoffsol

    pissedoffsol RETIRED

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    if i were to save up for a house, i woul dbe 57 by the time i could afford one. lol
     
  15. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    Debt consolidating is a scam, but using a credit counceling service is not.
     
  16. ScrapinSi

    ScrapinSi Senior Member

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    I heard a great line...

    "The only way to dig yourself out of debt... Stop Digging"

    Its true... If i were you, and your trying to buy a house, try to find yourself a house for a good deal, buy it, try to increase the equity a bit and pay minimals on your CC's for a few months... then take a line of credit out, and pay off the cards...
     
  17. jeffie7

    jeffie7 Wrong Whole! VIP

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    I hate when I owe anything.

    If I was in your shoes I would say F the house and sell off everything you have other then the basic that you NEED. Then eat from cans, work over time every week and maybe even pick up a 2nd job if you don't already have one.

    60+ hour weeks sucks ass but its not something youll do forever.

    Pay your shit off, when that happens your credit score will go up at least 20 points.

    B, with out having a good credit score credit card companys will not offer him any good 0% rates also he will end up getting a low limit.

    The buying a house idea is good if you can buy something but depending on where you live you might not build much equity. In the mean time you could have paid a shit load more off your credit cards.

    I have a 780 credit score and there's a reason for that....

    Once again if I was you I'd sell EVERYTHING off other then the basics. bust your ass for 6 months or however long it takes to get into the clear THEN worry about the home.

    Take it from me and B we're both Credit Card Whores. but we both payed the shit off "note the great credit scores" I managed to do it because I was a tight ass on what I spent and I got OT almost weekly.
     
  18. allbottledup

    allbottledup Senior Member

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    i wish it was that simple. If i was single it would be great. But im married with 2 kids. The plus is now my wifes working and it brings in a little extra money. The houses around here (outside Atlantic city) are skyrocketing. I wanna get one before the next casino goes up and the prices really jump. All this shit is from when i was in college and single in the military. Since i got married my spending has curbed alot due to responsibility.
     
  19. BigJ

    BigJ I'm just about that action Boss. VIP

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    Because you have no financial knowledge.

    Read the book I posted up there, it'll motivate you. Simplest crap ever, just basic financial literacy, and shit like that.
     
  20. BigJ

    BigJ I'm just about that action Boss. VIP

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    You guys and your fucking credit. Credit is designed to put you in debt further. Why do you want a high credit score? So you can buy something bigger, and spend more and more money.
     
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