Financial Information
Is Debit consoildation worth it for me?
Question : Is Debit consoildation worth it for me?
My family was just turn down for a home loan due to our credit score we have a total family debit of $ 3700 (already months overdue). Due to the poor spending habits we have vs our low income and rent it seems as though we owe millions.
What my question is debit consolidation worth it? What can I expect to hear?
debit consolidation loans
Best answer:
Answer by Ginger R
If the consolidation will lower your payments so you can afford to make them , it could be a good thing.
But remember, you can’t run up anymore debt. The worse thing is to consolidate and not change your bad spending habits…you’ll end up even deeper in debt!
Also be careful and check out the lender ( remember, if it’s to good to be true..it usually isn’t!!)
Before you sign on the dotted line, be sure that the costs of the new, bundled loan will truly be less than what you’re already paying various creditors. For many consolidation-loan candidates, their current credit woes mean they won’t get the lowest-available interest rate. Plus, when there is nothing to secure the loan (such as your home), expect the lender to bump up the rate.
Calculate interest and fees on all your existing accounts to determine the total of the payments you now make. Then compare those amounts with the consolidation loan numbers to make sure it truly is a better choice
And, as with any product, shop around. The bank down the street may offer an attractive loan rate, but a check of your local credit union could turn up better terms,
“Credit unions also tend to be more lenient than the banks,”
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#2 written by Jody S 1 year ago
Yes i think debt consolidation would be best for you as they are the specialist in the field and more often they know creditors and thus can reduce your debts and provide you with the affordable debt management plan based on that.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.
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#3 written by KKup 1 year ago
Why would you try to buy a home when you have overdue debt? That is illogical.
If you have low income and poor spending habits, you need to get that spending issue fixed before debt consolidation, or it will get worse.
Debt consolidation is mostly a shame. Just call the companies you owe money to and work out a plan to pay them back.
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#4 written by bdancer222 1 year ago
You might try Consumer Credit Counseling Services. Check here for one near your: http://www.nfcc.org/. They can look at your finances and advise how to proceed. They also have debt management programs available, if you qualify.
It usually isn’t a good idea to shift debt to another loan. People tend to run up the credit cards and then you are stuck with that big loan payment and all those credit cards too.
You would be much better off working on paying off the debts you have. Start with setting up a strict budget. Get rid of all the extras — cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate debt, while making minimums on the rest. When the highest rate debt is paid, move to the next till they are all paid in full.
If you don’t learn to live within your means or increase your means, you will always struggle to make ends meet.
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I know it sounds tempting, but I wouldn’t if I were you. It will only get you into more debt. I am guessing you are from USA, don’t you have a citizens advise that you could go and see. Good luck.