NEED ADVICE!!!
Date: Wed, 07/13/2005 - 12:41
NEED ADVICE!!!
Credit Card 1: $300 (Creditor closed acct)
Credit Card 2: $470 (Creditor closed acct)
Credit Card 3: $511 (Creditor closed acct)
Credit Card 4: $200 (Acct is open and has never been late, it is a secured card to rebuild my credit)
Student Loan: $1100 (Need to start paying in August 05)
Snowmobile : $800 (Acct in good standing now)
Old apartment: $450 (Civil Judegement)
My question is this. I make $1700 a month and instead of having to pay 100 on each bill a month, should i be instead pay trhe minimum on everything except for one thing each month and pay as much as possible on that one debt to get them paid off faster? I would like to get a loan to a) have all these debts be one payment each month and b) rebuild my current score of 512. Any help would be appreciated!
Hi scracer24Welcome to the forums. As you said, that you wis
Hi scracer24
Welcome to the forums. As you said, that you wish to pay a minimum amount to your debts, I personally do not favor that idea because the minimum amount of money that you contribute towards your debt falls shorter than the interest that builds on the total amount. As a result, you are left with slightest decrease in the total amount of your debt. It will seem like just paying the hard earned money only on interests and not contributing anything towards the original debt.
As you are looking for one monthly payment which will include all your debts, debt consolidation program will serve your purpose in the desired way. Additionally, it will reduce the financial charges and the late fees which have accrued in your total debt. Hence, you will be required to pay a reduced amount free from all the extra charges which otherwise makes the debt unreasonably higher.
The consultant will negotiate with your creditors keeping your interests in mind and try every bit to improve your credit ratings. Your current credit score will keep improving if you make regular payments through the debt consolidation program and simultaneously, you will find your debts washed away.
Also, the consultant will be involved in offering the budgeting and counseling programs which will help you to keep a check on your finance. You will be able to eliminate all the wasteful expenses and considerably save a good proportion of money so that you can pay the debts faster.
Please register yourself in the sign up page to get started with the debt consolidation program. The consultant will locate you at the earliest possible time and take necessary steps.
Regards
Roxette
