Consolidating credit card debt

[quote=allie052060]Hi - I'm new here, and I'm in a tough situation... my divorce was final in January, but we're all still living in one big happy home (not!), because I can't afford to move out until we reach settlement. The reason we HAVEN'T reached settlement is we're fighting over the credit card debt and the date of financial separation. The credit cards are all in my name, and there's a significant amount of debt. The monthly payments have gotten out of control, and I'm having trouble paying. Several people have suggested consolidating, and my lawyer gave me the go-ahead... if i can consolidate at a lower interest rate and less monthly expenditure, then I should do it. I just don't know where to turn! Any advice? :?:[/quote]

You are going through a difficult time and I admire your resolve for repairing your credit and taking financial responsibility for yourself.

I believe that it would be a good idea for you to consolidate. If you have mounds of credit card debt, those high, varying interest rates are not good for your cause of trying to pay down your debt. So consolidating will help you accomplish your goal of obtaining lower interest rates and reducing your monthly payments.

If you do have a steady income stream, you should try the consolidation method that does not use a loan. With this method, the consolidation officers negotiate with your creditors in order to lower your interest rates on your various forms of unsecured debt (credit cards). This will allow you to normalize the varying interest rates on your cards. In effect, it will help you attack the debt more directly because you will actually be paying your bill and not the interest alone. If this sounds right for you, you should contact 877-No debt-8. They will be able to assist you with obtaining this type of service.

However, if you are not capable of making the monthly payments using the other method, you should consider consolidating through a loan. Some of these companies require collateral in order to obtained. I do not know how much collateral you would be able to offer for this type of loan after the divorce. Other companies will just base their loan on your work salary and your credit score. So, if you feel that you would meet these requirements, you should consider this form of consolidation.

I'm basically trying to reduce my monthly expenses in the next few months until we can reach settlement. My ex is dragging this out and being very difficult, he's trying to not be responsible for any of it, even though the credit cards used used mainly for the kids... granted I didn't have to spend as much as I did, but he'd separated our money 5 years ago, and I didn't have access to his. I don't want to go into all the ugly details, suffice it to say I used credit cards when my money would run out, because he wouldn't give me any of his! It's a significant amount of debt, and the only collateral I have is a car and a house that's still in both of our names. So if I were to attempt to get a loan, wouldn't he have to sign too? I'm actually rather embarassed to go to my credit union or bank, because the amount is so high, although I've proved I can make the monthly payments on all the cards! Surely the monthly payment for the loan would be less?

I guess I'll just have to get up the courage to call my credit union, see what they have to say. :oops:

[quote=allie052060]I'm basically trying to reduce my monthly expenses in the next few months until we can reach settlement. My ex is dragging this out and being very difficult, he's trying to not be responsible for any of it, even though the credit cards used used mainly for the kids... granted I didn't have to spend as much as I did, but he'd separated our money 5 years ago, and I didn't have access to his. I don't want to go into all the ugly details, suffice it to say I used credit cards when my money would run out, because he wouldn't give me any of his! It's a significant amount of debt, and the only collateral I have is a car and a house that's still in both of our names. So if I were to attempt to get a loan, wouldn't he have to sign too? I'm actually rather embarassed to go to my credit union or bank, because the amount is so high, although I've proved I can make the monthly payments on all the cards! Surely the monthly payment for the loan would be less?

I guess I'll just have to get up the courage to call my credit union, see what they have to say. :oops:[/quote]

yes, call your credit union to see what they have to say. If you do need both signatures (which is very likely) you probably should consider the other alternative. it is actually more effective to consolidate without a loan because you won't be using a loan to pay for another larger loan.

And also, you will actually be attacking the debt directly by lowering the interest rate, as opposed to accepting the interest rates as is and repaying them through a low interest loan. So even if you are unsuccessful though the credit union, you still have options.

Hi allie052060

Welcome to the forums. Although, I am sad about the personal situation that you are going through, but you are right in hearing that debt consolidation program will minimize your debt to a large extent by cutting all the financial and the late charges from it.

http://www.debtconsolidationcare.com/benefits.html

Your consultant will be negotiating with your creditors and budgeting by cutting all the unnecessary expenses from your daily needs. You will be offered a perfect payment plan at lower rate of interest which will be paid in easy monthly installments. His counseling will be helpful in all your times of need and you will be able to attain a debt free life very soon.

Please enter your contact information at the sign up page to get in touch with the trained consultant.

Regards
Roxette

Hi
MY husband and I are looking to consolidate our credit cardsis there a toll free number where we can talk to someone.

Thank you Sandy

Call the number of this website 800-601-1579. Or you can simply sign up for free consultation quote at http://www.debtconsolidationcare.com/