Debt consolidation

kaaitar · #1 (**permalink**) 03-24-2008, 07:17 PM

Hello,

i've posted here a few times and never did anything about my credit situation aside from build up an emergency fund. I have 2 grand set aside in savings. I need to get rid of 15k of unsecured debt. i had 20 grand but 5 of it will be gone in a week or two.

Ok question. I want a debt consolidation loan, or one of those 'non profit' organizations to help me out by doing whatever it is that they do. It is my understanding that theres some program out there, that most of the major companies are involved in. This program allows me to consolidate a few credit cards in about 3.5 years. However, it closes the lines of credit, and allows me to only have one other line of unsecured credit open. Now i have no intention of using credit cards unless its an emergency that my emergency fund doesn't cover. However, it does look good on your credit to have high available balances and no money owed. Which company is reputable? are any of them? is not having the low balance, high available credit on my credit report worth lowing my interest rate from an average of about 18.5 down to 6-9 percent?

thanks,

kaaitar

mikelley · #2 (**permalink**) 03-27-2008, 07:32 PM

Quote:

Originally Posted by kaaitar

Hello,

i've posted here a few times and never did anything about my credit situation aside from build up an emergency fund. I have 2 grand set aside in savings. I need to get rid of 15k of unsecured debt. i had 20 grand but 5 of it will be gone in a week or two.

Ok question. I want a debt consolidation loan, or one of those 'non profit' organizations to help me out by doing whatever it is that they do. It is my understanding that theres some program out there, that most of the major companies are involved in. This program allows me to consolidate a few credit cards in about 3.5 years. However, it closes the lines of credit, and allows me to only have one other line of unsecured credit open. Now i have no intention of using credit cards unless its an emergency that my emergency fund doesn't cover. However, it does look good on your credit to have high available balances and no money owed. Which company is reputable? are any of them? is not having the low balance, high available credit on my credit report worth lowing my interest rate from an average of about 18.5 down to 6-9 percent?

thanks,

kaaitar

it is crucial to learn however,
especially in today’s financial credit-crunch environment
that debt consolidation is not the only answer. Debt
advise should promote the fact that debt consolidation
isn’t always a simple solution. It can be difficult to
find a consolidation loan if you have quite a bit of debt
at a low interest rate. Be careful, you can end up with
more debt.

FredS · #3 (**permalink**) 03-31-2008, 12:54 PM

Kaaitar

Check out Crown Financial Ministries. They have a lot of free services.

They have trained volunteer “coaches” that will give you advice and encouragement.

Sponsors