Bad Credit Debt Consolidation?
December 27, 2009 by admin
Filed under Bad Credit
What are excellent options for debt consolidation if your credit’s terrible?
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Most debt consolidation companies are not worth the fees that they’re vacant to payment you. And if you have the money to pay these fees, you have the money to make the monthly payments on your credit cards. These companies will tell you not to make payments to the companies for a couple of months and then they will try to negotiate with the companies for lower rates/payments on your behalf. In the end, nothing you can’t do on your own. Credit card companies aren’t vacant to negotiate with you for a payoff until your several months behind.
Some people will suggest trying to get a debt consolidation loan (wich you probably won’t qualify for with a poor credit score) or even a home equity loan. But, if you haven’t addressed the larger problem (debt isn’t the problem, it’s the symptom of a problem) you’ll eventually find physically right back in the situation you’re currently in.
Spend less than you make. Pay cash for everything.
Depends…if you own a home you could refinance to consolidate (in the current promote your rate may not be pretty) or apply with American General, HFC or Beneficial for a personal unsecured debt consolidation (if not a homeowner)
Start with your bank. If you need to look elsewhere, try a site with a bunch of companies like
http://best-loans.ws/debt_consolidation_loans.html
and compare interest rates and additional costs.