Need Some Advice

Discussion in 'Credit Talk' started by Nell, Oct 9, 2000.

  1. Nell

    Nell Guest

    I have a substantial amount of credit card debt, to the tune of about $35,000 on several cards, which is a combination of personal debt and home-based business start-up debt. I have good credit, although I have quite a few inquiries from where I've been trying to consolodate my debt over one or two cards. I've never made a late payment on any of my accounts and I can afford to make my payments, but I'm just uncomfortable with the amount (being that it is unsecured debt).

    Is there any advice out there on how I can do a debt consolodation. If I go through a counseling service, my creditors will report my accounts as "in counseling" which will take seven years to fall off my credit report and won't credit counseling look bad to creditors when I try to apply for credit after my current debts are paid. I didn't want to borrow against my home right now because we've only been there for a short while.

  2. Up1tree

    Up1tree Guest

    You poor thing! You sound like me! Though my debt is not so severe. If you get an answer please reply. I have good credit and would like to transfer under $4,000 in debt all to one payment. I racked my debt up going to college. If I could just get one card with $4,00 limit I would be so happy to transfer all these payment stubs. hehe
    Good luck!
  3. newcomer2

    newcomer2 Guest

    I totally can relate same kind of senerio with me only my debit is 7 and 1/2 k . I tried consulidating the debt on one card but no one will take suck a risk on all that balance when most of cards are close to thier limit. at the same time the interest is a killer on all 10 cards as they are all subprime . and although i have no blemishes on my credit there is still no chance for a prime card or any card with that type of debit to credit limit ratio . your best bet is to borrow agianst ur home although u say you havn't been there that long, at least the interest will be tax deductible and u'll have a single monthly payment instead of alot. It's risky but it will save u money. make sure u cut up all ur cards until u pay the loan off though ! then start using them agian . Unfortuantly i can;t do the same since i don't own a home . wish u the best of luck !
  4. RichGuy

    RichGuy Guest

    It's hard to start using credit cards again once you've cut them up. My method is to put them in a desk drawer and forget about them for a while.
  5. Up1tree

    Up1tree Guest

    That was funny I put mine in the closet.
    I carry one for emergencies just in case and have sworn off to using the darn thing. I also promised myself that any lumps sums i.e. next years tax return and when I seel ,my little old pick up will be used strictly for paying credit. My goal is to have it all paid by next June. I hope I am being realalistic.
  6. RichGuy

    RichGuy Guest

    I hope it works out for you. Check out my post in response to "Please Help Me." I think you're in a great position to get your debts paid off. You just need to execute correctly.

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