who is someone good to consolidate credit cards with?
October 20th, 2009 | by admin |firefly asked:
some one who doesnt want upfront fees and also low interest rates
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3 Responses to “who is someone good to consolidate credit cards with?”
By Amsiar on Oct 20, 2009 | Reply
I consolidated 3 credit cards ranging from 9.9% to 16.5% interest onto an American Express card that is a locked in interest rate of 3.99%. I have very good credit, so it wasn’t hard to get this rate. But beware, you make one late payment and that interest rate will go way up. Also, don’t use that new card for anything else. If you charge something to it, the payments you make will come off the original balance, and anything new put on there will have a higher rate. That purchase with the higher rate will technically stay on your credit statement until you have paid off the consolidation part of it, and the higher interest will accumulate. They don’t require any fees for balance transfers. I also recommend a personal loan if you want to go that route, depending on how much you owe. The interest rate will probably be more like 8%, but you’ll be forced to pay a higher amount instead of being tempted by minimum payments. I did this before and paid off my debt in a couple of years. Too bad I didn’t learn my lesson and I ran the credit cards up again! I swear I am reformed now!
By sfuller94 on Oct 23, 2009 | Reply
If you have good credit and want to get from underneath all of the debt, then you may find a good card with an introductory balance transfer rate that is much better than what you are paying now.
If you have bad credit and still desire to get our from underneath all of that debt then cut up the cards and throw them away. This is step one. Then call the credit card companies and put a stop on all activity on the accounts. Tell the credit card companies you are flat broke and willing to make a deal to pay off the debt before it goes to collections. There’s a little known secret out there that if the creditors turn over your debt to a collection agency, that is an indication that they want to take 50cents on a dollar. Because that’s how the collection agencies work. The will take half of whatever they collect to settle the debt.
But, beware, that credit accounts will stay on your credit report for 7 years after the date of last activity. So, if for example, you close one card account and take a year and a half to pay it off. That account with the rating will stay on your report for a total of 8 1/2 years. As it ages, it will have less effect on your overall rating but it will still be there.
For student loans, if you default on them they never come off.
Good Luck.
By Gee L on Oct 24, 2009 | Reply
hmmm have you checked Nhbs, inc’ resource? try looking thru their services
have a great day!