Debt Consolidation....Again.

[wikipedia]

I need to consolidate my debt. I have like 10 credit cards and they have ranging interest rates. I have a loan. Now, have any of you done this. What companiesdid you use. Dirty said that its almost like bankruptcy? Is this true?

 

[ness]

lol @ you for having 10 credit cards

 

[lurkin2long]

Originally Posted by ness

lol @ you for having 10 credit cards

credit baller

 

[dropkicks]

Originally Posted by lurkin2long

Originally Posted by ness

lol @ you for having 10 credit cards

 

[utvol23]

It goes on your credit report as basically the same thing as a bankruptcy. AVOID IT if any way possible.

 

[nktran001]

Originally Posted by lurkin2long

Originally Posted by ness

lol @ you for having 10 credit cards

credit baller

... 10? What were you thinking..

 

[emmanuelabor]

when I refinanced my place, I consolidated all my debts...worked out well for me

 

[j0rdan23dunker]

10 credit cards? how much do you owe?

if you have a loan, use it to pay off your cards, not buy other @+!@.

 

[wikipedia]

I just got off the phone and it just seems sketchy. We can cut your debt in half. So I was like you can spend 2000 on a credit card and only have to pay 1200.No wonder our economy is messed up right now. I don't think I'm going to do it. I want to consolidate as in find someone to pay the money and have thempay my creditors in full.

 

[mistah majestic]

Originally Posted by dropKicks

Originally Posted by lurkin2long

Originally Posted by ness

lol @ you for having 10 credit cards

I'm sorry but are you serious? What you need 10 credit cards for homie? Do you even have a job?

 

[jfresh7]

Another person living beyond their means! Its no reason why you should have 10 credit cards.

 

[dirtylicious]

Debt consolidation means nothing if you don't change your lifestyle and spending habits.

 

[sgs mm]

I'm not sure if it goes down as BR, but it's look as a negative mark by your creditors. Like ^^ said, they look at it as you was living outside yourmeans and you couldnt afford to make payment.

 

[kingtre]

some of yall are harsh...just the fact of having 10 ccs aint as bad asyour making it seem...how he used them is a diff story that i cant speak on-

anyways i thought* DC was just getting a loan to cover your balances - then you pay one creditor a smaller fee...

what your talking about with the lower amounts seems like they would settle the debts/collections with companies for a % of whats owed which is not the same asstraight up consolidation....again im not sure on the topic and ive only done it with student loans...instead of having 4 payments to diff people i have onemuch lower payment to one company-

 

[shannonscrooks]

Are any of your CC's past due or are you current on the payments?

 

[DownByLaw]

Originally Posted by Dirtylicious

Debt consolidation means nothing if you don't change your lifestyle and spending habits.

Exactly

 

[areyouin729]

welcome to the new life of

Kia's, crappy overpriced apartments and 10 years of regrets

debt consolidation is the end of the line for your credit

how much do you owe, ballpark figure?

 

[703 hwy]

Another one bites the dust. I'd rather pay off my CC's and be broke than letting the debt pile up, I just paid them off last night so guess what,i'm broke lol.

 

[dirtylicious]

Originally Posted by Kingtre

anyways i thought* DC was just getting a loan to cover your balances - then you pay one creditor a smaller fee...

Technically yes...

what your talking about with the lower amounts seems like they would settle the debts/collections with companies for a % of whats owed which is not the same as straight up consolidation....again im not sure on the topic and ive only done it with student loans...instead of having 4 payments to diff people i have one much lower payment to one company-
that's what he was referring to the last time he made a thread... Debt Settlement.

 

[reazson]

Originally Posted by areyouin729

welcome to the new life of

Kia's, crappy overpriced apartments and 10 years of regrets

debt consolidation is the end of the line for your credit

how much do you owe, ballpark figure?

ouch

 

[alchemiss]

10 credit cards!?!

Do NOT do consolidation unless you want terrible credit. Consolidation with 10 credit cards is gonna take you like your whole life to get your credit back.Change your spending habits and do it the old fashioned way

 

[barelybroke]

Originally Posted by Alchemiss

10 credit cards!?!

Do NOT do consolidation unless you want terrible credit. Consolidation with 10 credit cards is gonna take you like your whole life to get your credit back. Change your spending habits and do it the old fashioned way

so are you saying that a debt consolidation program would do as much damage on a credit report as filing for bankruptcy would?

thats kinda hard to believe. if that's the case, what's the point of credit repair?

you might as well run up as much debt as you can....

 

[The_Isomotion31]

hmmm..good topic, i was just thinking about this. My wife and I are current with our payments but just had twin girls earlier this year. The medical bills camein and it is a bit of a struggle to make ends meet. I just want to get rid of as much debt and help organize the madness so to speak. all in all I was thinkingabout consolidating 3 credit cards. We do own our place, so I was wondering if it would be "easier" so to speak to bounce back from something likethis since we wouldn't be touching our mortgage and car payments.

 

[dirtylicious]

remember.... these IS a huge difference in Debt Consolidation and Debt Settlement

 

[kingtre]

Originally Posted by Dirtylicious

remember.... these IS a huge difference in Debt Consolidation and Debt Settlement

oh ok - i thought he had this mixed up b/c it didnt sound right at all-