Credit Card Debt Consolidation?
I owe $ 11,000 in credit cards. When economic times have been better, was not as bad, could transfer balances to 0% to 3% fixed rate once. It is now much worse, I had to close an account to keep interest rates go high, when relationship between debt and my credit is already bad now and no one gives me a balance transfer over. So now basically due $ 9,000 at 8.5%, or, if the enclosure of the different interest rates and balances. With my current living situation area I live in my rent is over 30% of my expenses. I can make payments each month, but the elimination of the debt will have at least 3 years and probably longer, like something always comes out. I budget very well, but essentially only reduced the elimination of a social life, cooking every meal, and that stinks! Do I have credit card debt consolidation or that is too drastic and only must move into a cheaper living situation (which is drastic, so but good).
Hey there – I feel your pain, but my answer is no. You will be charged a percentage of what you owe, and that affects your credit report when they begin negotiations with the credit card companies. (I worked for Experian for 7.) Moreover, there is no guarantee that they can do anything to build to something you can afford – Trust me on that. I have seen a 1,000 times. What can do is negotiate with yourself. We call them and ask for their lowest rate for a specific amount of time, allowing you to "catch up" and save some money. Then when going back to the normal rate, you can put some extra money to your monthly income payments that eventually will help your credit report and in the long run save you money. Basically, and I hate to say, is in the same boat as the rest of America. Be glad you do not have my $ 50K in loans students in the upper $ 9K of credit card debt. Good luck, and really, please do not be fooled by companies … You'll be sorry.