Question by Need2Kno: Where can I get a Debt Consolidation Loan to pay off Credit Cards w/o refinancing Mortgage?
Answer by aecruiser
Debt consolidation is rarely the right thing to do. The reason why is that they lump together all you debts, your low interest and high interest and then extend the time frame of you payments in order to reduce the payments. It also dings up your credit score. You need to get intense and take care of this yourself!
There are two different approaches to becoming debt free. The first is to list all debts from the highest interest rate to the lowest, attack the highest interest rate and pay minimums on all the rest. The other way is to list all your debts from smallest to largest and attack the smallest first and make minimum payments only on all the others. The first may mathematically seem better but from my experience, the second approach actually works better from a behavioral standpoint. You get constant reinforcement as you knock out debts early and often. Either way, you need to cut your lifestyle and get angry. Have a garage sale and get a second job. Get intense and soon you will be free!
What do you think? Answer below!
why borrow from peter to pay paul — why don’t you downsize your life style and get out from under debt on your own with out paying out and extra fees and interest!!!!
It can make sense to consolidate credit card payments because the interest on credit cards in usually high. There are several ways you can combine all your cards into one debt and pay it off with a lower rate of interest.
You could start with your bank: I did this and I was amazed that they agreed to a loan! But let me give a word of warning. If you consolidate your debt and pay back all your credit cards, then you must cut up all your cards except for one, which is there solely for emergencies. Buy everything you need out of income and do not borrow any money for any purpose. That way you get to repay your debt and you don’t get into further debt.
Check out this website which has some useful links and information. I hope this helps.
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