5 Responses to ?Debt Consolidation??
Source: http://mobilebaybusinessjournal.com/debt-consolidation-3.html
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Source: http://mobilebaybusinessjournal.com/debt-consolidation-3.html
htc flyer tablet hank williams bruins steve jobs stanford commencement speech black star joan baez gravitas
February 22nd, 2012 at 3:22 am
Debt consolidation loans are usually a rip-off, extending loans way out and you end up paying a lot more in interest, plus the loan origination fees increase the amount owed.
Instead:
Transfer credit card debt to lower interest rate cards, some will give you 0% for a transfer. Do this before deciding which one has the highest interest rate to pay off first.
Pay at least double the minimum monthly payment on the credit cards and car loan. This extra will go entirely towards the principal, and reduce the debt a lot faster.
Pay off the highest interest rate credit card (or loan) first.
It is also a good idea to pay extra principal on your house, to reduce the interest and increase the equity.
Sell the car and get a used one that costs less if you have to.
Destroy your credit cards and don?t use them again, instead get a credit/debit card that pays interest and cash back for any charges. So you make money when using it instead of pay money.
February 22nd, 2012 at 3:23 am
People get into trouble by consolidating all the debts, then running the credit cards right back up. Instead of shifting your debt to a new loan, work on paying off those debts.
Start with the credit cards. Put every penny you can squeeze out of your budget on the highest interest rate credit card, while making minimum payments on all your other bills. When the highest interest rate card is paid off, move to the next one till they are all paid off.
Next, pay off the personal loan, then the car loan.
It will take you 2 or 3 years but if you really work at it you?ll be debt free and have a good payment history.
February 22nd, 2012 at 3:41 am
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan
February 22nd, 2012 at 4:36 am
Without sitting down with you and your family, I would recemmend a program called debt stacking. It goes like this:
Far left column- names of all creditors, be sure they are listed in order of highest interest to lowest interest. We are interested here in paying as little interest as possible.
Next column to right- Interest rate of all creditors listed to the left.
Next column to right- Total amount owed for all creditors.
Next column- minimum payment for each.
Last column- payment you make for each.
Look at all the payments made for the second highest to last, find out how much in overpayments you make. Add this up, then take that amount and add it to what you pay on the highest interest. When that is paid off, roll that entire payment down onto the second, and so on. It takes a couple years to do, but it will help build up your FICO score at the same time you are paying as little as possible in interest.
February 22nd, 2012 at 5:23 am
Hi,
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http://creditsolution.easyurl.net