Should I consolidate my debts
Date: Wed, 04/20/2005 - 18:35
Should I consolidate my debts
I just recently have been considering debt consolidation but don't know if it's for me.
I can't believe how much debt i've racked up in just the past 5 or 6 years (I'm only 27). I've got a job, house (house is what did it i'm afraid, really hurt the wallet), 2 cars, etc. etc. My wife and I were just about breaking even for the past couple of years since buying the house, but she recently went back to college and the burden fell on my lap for the most part. The overdraft protection on our bank account saved us more than a few times but that's just more debt, and now we'll have her loans (student) in addition to the ones we already have. we have about 20,000 in credit card debt and the interest is insane (about15% on both).
We don't have creditors calling, are still current on our bills (if you don't count using overdraft protection, which i do :( ), she got a new job to help out, but i don't think we'll be out of the woods. Is it too early to try to consolidate? Also, does it reflect negatively on my credit report if i consolidate?
RE:
Hi nailbiter,
Welcome to the debt consolidation care forum.
Quote:
I just recently have been considering debt consolidation but don't know if it's for me. |
Put an end to all your confusion. Debt consolidation is the ideal choice for you.:D
Quote:
we have about 20,000 in credit card debt and the interest is insane (about15% on both). |
You are quite young and it is not a good sign to be so deep in debts from the very outset.
Debt consolidation deals with unsecured debts and credit card debts are an unsecured debt. This is one reason why debt consolidation is good choice for you. In addition you can also breathe a sigh of relief without having to bear the burden of 15% interest every month.
In debt consolidation programs your late fees and other additional taxes are deducted and in most cases you get a leverage of around 40%-60% on your total debt amount. All you have to do is pay in easy monthly installments and get your debts cleared in due time. The amount of your monthly payments will be decided by the debt consultant and your creditor based on your present financial condition.
Quote:
Is it too early to try to consolidate? Also, does it reflect negatively on my credit report if i consolidate? |
Close your eyes and opt for a debt consolidation package without delay. It is high time you need to consolidate your debts and clean them if you desire to have a tension-free and secured financial life in future. Moreover, debt consolidation does not have a negative marking on your credit report.
Don't worry; 8) you will not be in a financial doldrums anymore, once you trigger off with debt consolidation.
Keep in touch and hope you share your insights and experiences with the other members of the forum.
Cheers,
Jason
I just recently have been
I just recently have been considering debt consolidation but don't know if it's for me.
I can't believe how much debt i've racked up in just the past 5 or 6 years (I'm only 27). I've got a job, house (house is what did it i'm afraid, really hurt the wallet), 2 cars, etc. etc. My wife and I were just about breaking even for the past couple of years since buying the house, but she recently went back to college and the burden fell on my lap for the most part. The overdraft protection on our bank account saved us more than a few times but that's just more debt, and now we'll have her loans (student) in addition to the ones we already have. we have about 20,000 in credit card debt and the interest is insane (about15% on both).
We don't have creditors calling, are still current on our bills (if you don't count using overdraft protection, which i do :( ), she got a new job to help out, but i don't think we'll be out of the woods. Is it too early to try to consolidate? Also, does it reflect negatively on my credit report if i consolidate?
If you are feeling suffocated by these debts, then it is the right time for you to consolidate. Especially since your family has a lot of things on its plate. Instead of paying of bills with varying interest rates, you will be able to consolidate under one low interest rate and reduce your monthly payments for your bills. This would definitely serve as a strong first step in order to get yourself out of this situation.
Hi nailbiter I was also thinking of suggesting you for a debt
Hi nailbiter
I was also thinking of suggesting you for a debt consolidation. Because I feel that if you leave your debts by your side, then it won't do good to you as you won't have made any significant step to reduce your debt. On the other hand, if you opt for debt consolidation now, then you know that every month you will be making your effort to reduce your overall bills. What do you say?
If you are deciding for debt consolidation ultimately, then you can go through this site http://www.debtconsolidationcare.com for further knowledge.
Keep in touch
Roxette
thanks for the replies, it made me feel better just to read the
thanks for the replies, it made me feel better just to read them. I hate having that constant nagging in the back of my mind anymore about our debts.
I think i'm going to move forward with this and consolidate. I filled out the form on the homepage, hopefully i'll hear from someone soon.
Wish us luck...
Hi wellsmartz (nailbiter) Congratulations on making the right
Hi wellsmartz (nailbiter)
Congratulations on making the right move ahead. And I wish you all the best for your future.
Keep in touch
Regards
Roxette