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I need to consolidate my credit card bills. how?

Date: Fri, 04/22/2005 - 12:45

Submitted by anonymous
on Fri, 04/22/2005 - 12:45

Posts: 202330 Credits: [Donate]

Total Replies: 4

I need to consolidate my credit card bills. how?


Hello,

I have a need to consolidate some credit card bills and have been seeking options.

I have two credit cards with a high balance and wish to consolidate them at a lower interest and monthly.

Currently I do not have creditors hounding me but, at this rate it will not take long.

I have talked with several loan sharks who wish for me to re-mortgage my home and use the equity value however; they want to loan me more money than what I need to consolidate.

We own our home mortgage free and really do not wish to place a lien against the property only wish to consolidate and lower the interest rate and monthly.

We have been offered several options from home equity line of credit value $50,000, 7% interest, with a monthly of $139. That means more credit to pile up if we wish.

We have been offered a home equity of 7.99%, 15 year fixed, with a monthly of $377. Still they try to get us to borrow more than what we need saying they have a minimum amount requirement. This amount is $13,000 more than needed and in my eyes is only more debt.

We are on a set monthly income and need to get the two cards under control. MBNA & Discover. Discover keeps the interest in check and the monthly is affordable however, recently MBNA turned crappy. I canceled my card so they immediately raised the interest rate to 25% and moved my due date up the following month. Being on a set income we pay the same time every month. I told them this after they began to charge late fees. I also, told them they were rediculous on the interest fee and not treating us fairly. This only made them raise my minimum to an outrageous amount of over $400 a month. That is when I began seeking other options.

Please, give me some options and I will register and call in as well. Thanks :roll:


Hi Friend

It's nice to be in touch with you. I went through your post and understand your situation. According to the various options that you have for yourself, I feel that you are still in doubt in choosing the best for yourself. So, I personally suggest you to go through this site http://www.debtconsolidationcare.com for once and do a thorough study keeping your situation in mind. If that helps you and doesn't put much pressure on your monthly set income, then you can register here for free. One counselor will get in touch with you as soon as possible and give you the best method after tailoring your needs. If you feel comfortable with him, then you can start this program and make your positive move in washing away all your debts.
You can mail to [email]vikas@debtconsolidationcare.com[/email] or [email]simon@debtconsolidationcare.com[/email] for further correspondence.

Thanks and keep in touch
Roxette


lrhall41

Submitted by roxette on Fri, 04/22/2005 - 13:20

( Posts: 4009 | Credits: )


HI,

I think it is very good idea to consolidate at this moment. You are trying to get a grip on these bills before they overwhelm you.

You have 2 cards with very high interest rates. These would be ideal for consolidation. A credit counselor will help you negotiate down your interest rates and reduce your monthly payments to something more manageable for you.

Stay away from the loan sharks. They see this as a business. They are trying to get you to give up as much equity in your house as possible. That is why they are offering more money than you need. However, you are smart enough to see through this scheme. This is not the right way to go. You should not use a loan in order to repay a loan. Because at times you can get yourself in even more debt and lose equity in the process.

You are able to consolidate while still maintaining the equity in your home. When you register on this site, you will be able to get in contact with debt counselors who would be able to negotiate down your interest rates. This will in effect reduce your monthly payments. You can do all of this without losing equity in your home. So when you register on the home page, you will be able to initiate this process.


lrhall41

Submitted by benjaminz6 on Fri, 04/22/2005 - 23:56

( Posts: 256 | Credits: )