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Question: How to make it easier to consolidate my debt?

I am owning an amount on a barclay credit card and also have a barclay loan. I am thinking of getting another loan with a better interest rate and then pay off the card and the loan so I can consolidate the two debts into a monthly payment that is lower than what I am paying now.

Answer: I have lots of debts all over the place and have asked for similar advice many times before and unfortunatley each time I am told that consolidation is bad!

Try speaking with National Debtline, they will discuss your personal situation and give you good advice that you can understand.

Olivier Blanchard: World Faces Serious New Economic Challenges

Let me begin with some good news. The global recovery has evolved better than expected. We at the IMF now forecast global growth to reach…

Debt & Debt Consolidation : Getting Out of Debt Using a Pyramid Method

Having multiple credit card debts is a very real and frightening problem that will only get worse if not taken care of quickly. Even if you do stop charging, which is a first and important step, the notoriously high interest rate of credit cards still makes finding the end of debt a problem. This is where credit counseling, and possibly consolidation loans for credit card debt come in. You can get out of credit card debt with patience and good credit counseling.

The advantages of a consolidation loan will be a lower interest rate, which shouldn’t be hard with credit card debt, and the ability to make one monthly payment. When looking at companies watch out for consolidation loan fees, make sure the fees are manageable for you and comparable to other companies.

If you have good credit you can look into unsecured consolidation loans, though these will typically still have higher interest rates than secured loans. If you can use your home or vehicle for collateral you can look into secured credit card consolidation loans which will have lower interest rates, but be aware that if you fail to make payments your property can be repossessed.

A popular option for credit card consolidation that should be considered with extreme caution is credit card balance transfers. In some situations people can obtain a new credit card with an introductory low rate. You can then transfer the balances on your high interest cards to the new low interest card. However, in a few months when the interest rate rises you are back in trouble and may have damaged your credit further, making your other options more limited.

Whatever you decide to do with your credit card debt it’s important to consider the short and long term possibilities. Credit card consolidation loans can be a good option for a lot of circumstances, evaluate carefully.

Alcoa Finishes 4Q 2009 Strong; Free Cash Flow Positive, Revenues Up 18%

NEW YORK—-Alcoa today announced it finished its fourth quarter 2009 free cash flow positive, the first such quarterly achievement since the second quarter of 2008 when the economic downturn began to impact results.

Debt Consolidation Options Video | Bills.com

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.

Weighed Down By Debt? Experts Explain How to Reduce Debt in 2010

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

Market Leader Credit Solutions Breaks Records, Consumers Save 58.3% Off Debt In December

New Year’s resolutions of savings came early for many consumers thanks to Credit Solutions, the debt settlement leader. Credit Solutions customers saved 58.3% of their total debt on average – a new company record. December also marks the record sixth month in a row Credit Solutions helped consumers save over 50% off the debt they owed. (PRWeb Jan 7, 2010) Read the full story at [[[SHIFTOUT …

The Best Debt Settlement Solution

Question: Do debt consolidation companies pay off credit cards that are already in the hands of a law firm/collector?

Chase filed a law suit against my husband for a delinquent credit card. He never had to go to court but they (the law firm) wanted $300/mt until the card was paid off. We’re still paying on it and it’s a huge budget buster! We only have a few other outstanding/low amount bills. I was wondering if debt consolidation companies would consolidate this Chase bill as well so we can get these people out of our lives!

Answer: well you could borrow the money from some other source the source would make a check payable to chase and the other folks you owe money to -- but do not fall in the trap a lot of folks do!!! the are out of debt except for this one big debt and than they take there credit cards and go on a spending junket!!!

Adrenaline rush is over, cheers to consolidation

While 2009 was an exceptional year for investors in equities and gold, 2010 could be much subdued. Returns from debt instruments, though, are likely to improve.

Best Debt Consolidation Companies Ranking Chart - Debt Consolidation Care