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Question: I have 3 credit cards with large debt & considering debt consolidation-concerned about payment amounts.?

I have 3 cards-Chase ($8000 debt), Discover ($7000 debt) & Citicard ($2000 debt). The minimums are too high for me to pay & I’m now a month behind. I’m sending in what money I have to each creditor, but its still not meeting the minimums.

In your experience have Debt Management Companies been able to set up a Debt Management Program with these 3 creditors? Have the creditors been willing to work with a Debt Management Company?

I’d call the companies myself, but I hear they are horrible to deal with & never negociate lower payments & now I’m a month behind-so I’m sure they won’t want to even talk to me!

Answer: Absolutely call the credit card companies and see what kind of plan you can work out. Those debt management companies basically do the same thing, call your companies and get them to start a plan for you, and then charge you on top of the interest payments.

The credit card companies want to get paid back... they have entire collections departments specializing in getting their money. They would much rather work something out with you directly over sending it to collections because it just means more paperwork and more wasted time for them.

Just give it a try with the card companies first, and if you get shot down, then maybe turn to the debt consolidators as your backup.

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Debt Consolidation & Management : What Is the Best Way to Consolidate Credit Card Loans?

Question: what is the best debt consolidation company out there today?

I have over 10,000 dollars worth of credit card debt. should I consider consolidating?

I can afford the payments no problem, but in the long run, the interest may be more than what I could have paid if I was in a debt consolidation program. Does that make sense to you? Thank you for your time.

Answer: Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. There is a better way.

A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another. The holidays are coming and there will be plenty of temporary jobs available. It is better to have a no fun year or two than a no fun decade.

Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.

You can do it and it isn't as hard as you think. Just follow the plan.

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For Many Americans in Money Trouble, New Year's Resolutions to Reduce Debt Won't Be Enough. An "Extreme Debt Diet" May Be Their Best Option. (PRWeb Jan 1, 2010) Read the full story at http://www.prweb.com/releases/2010/01/prweb3396214.htm

Debt Consolidation Program - The best debt solution

It’s tragically easy to have your finances reach an uncontrollable level. The only way to sort things out is to take control of the situation, and one way to do this is to consolidate bills.

There are a number of advantages to doing this. The first, that is true in all situations, is that you will only have one monthly payment to worry about for all your debt. If you have high interest debt you should be able to find a way to obtain a lower interest loan, which will save you money. Also, if you are having credit problems, when you consolidate bills you will be paying off your old debts and have the opportunity to build up a history of timely payments on your new loan, this should help your credit score.

How to Consolidate Bills

What you are looking to do is obtain a new loan and use that to pay off all your debts. You will then have one payment to make on your debt every month.

There are several different ways to do this. If you own a home your can refinance your home and use the money you had already paid on your home to pay off your debts. You could also take out a home equity loan- this is taking out a loan on the money you’ve already paid on your home.

If you don’t own a home you still have a number of other options. You can take out a secured loan using your vehicle, boat, jewelry, or other collectible of value as collateral. If you have a decent credit history and an otherwise good financial situation you can apply for unsecured consolidation loans. Some people will tell you to apply for credit cards that have a low introductory interest rate and put all your balances on there, but I generally advise against this as once the rate goes up you can easily get yourself in a worse situation and risk further damaging your credit and thus lessening your options to get out of debt.

When your finances are stacked against you, take control of the situation! One way to do this with a numbers of advantages described above is to consolidate bills.

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RI bankruptcy: How much debt is enough?

Question: I am $20,000 in debt and facing litigations. Is a chapter 7 my best bet?

I have been lied to by everyone. I don’t even know how I got into this mess. I don’t want to file B.K. if it is my only option, I will. I have 4 Chase Cards and 1 Capital One Card. The total is about 20000. After the items go into litigation can I Consolidate all the Cards into one loan using a debt consolidation company. Is this even a good choice or should I just whip out the small amount of $20000 and start over. By the way I have a car loan I paid perfect on.

Answer: There is a lot of poor information in these previous answers.

From my observations, while it seems logical that filing a Chapter 13 is better, because it shows a "sign of good faith" in paying back a portion of the debt, that is NOT the case. All the creditor sees is the word "BANKRUPTCY" and you get rubber stamped. They don't care that you paid back a portion of the debt...They only see that you DIDN'T pay back some of the debt.

The funny thing is that if you go with a Chapter 7, you will find it is actually easier to get credit after your discharge. With no further financial commitments you are a better credit risk....but you will be paying a higher interest rate.

Steven's advice is dangerous. On the one hand, he preaches how bad a bankruptcy will look on your credit report, then he encourages you to let them sue you first! Do you have any idea what a judgment looks like on a credit report? It's not a nuclear bomb...more like a 10 ton bomb. And he wants you to take 5 of these first? THEN file bankruptcy on top of that? Nope...sorry....bad advice.

Johnny needs to do his research. The Bush changes did not exempt credit cards from bankruptcy.....the truth is if you have a lot of credit card debts that is the MAIN reason you would want to file! Unsecured debts are discharged completely! What he is getting confused about is the new law requires you to first pass a "means" test.....do you make too much money and/or have the ability to pay at least $100 a month toward your unsecured debts? If so you will be forced into a Chapter 13 plan that will require to pay back a PORTION of the debt.

Yes, BK is the last resort. I seriously doubt you will be able to get a consolidation loan. Bottom line, if these credit card companies are not willing to work with you, then don't pay them.

I worked with someone recently in the same boat as you are in. If you have decided to go BK, then stop paying your credit card debts. Put the money into the bank (not your own account, they could attach it). If a credit card company files to sue you, try to settle. If no luck then it's time to file for BK. It's a gamble....but many credit card companies will not sue for debts under $2000.

Federal Loan Consolidation & Best Student Loan Debt Consolidation Companies

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